Disney Chief Executive Robert Iger Resigns from Apple's Board--Update

By Tripp Mickle 

Walt Disney Co.'s Chief Executive Robert Iger resigned from Apple Inc.'s board of directors, the tech giant said on Friday, severing a yearslong connection between the two companies as they prepare to launch competing video-streaming services.

He resigned on Tuesday, Apple said in a one-sentence filing to securities regulators.

Mr. Iger, who has led Disney as CEO since 2005, joined Apple's board in 2012 and was serving as the nominating-committee chair and on the compensation committee. He had a close relationship with Apple co-founder Steve Jobs, born out of the 2006 sale of Pixar Animation Studios to Disney. Mr. Jobs was Pixar's chairman.

The resignation came on the day Apple Chief Executive Tim Cook announced a $4.99 monthly price for its streaming service, Apple TV+, and said it would become available on Nov. 1. The price undercut Disney's plan to charge $6.99 for its Disney+ service, also coming in November.

Apple's filing gave no reason for Mr. Iger's departure. In a statement, the company called him "a dedicated, visionary CEO and a role model for an entire generation of business leaders."

"While we will greatly miss his contributions as a board member, we respect his decision, and we have every expectation that our relationship with Bob and Disney will continue far into the future," Apple's statement said.

In a statement, Mr. Iger said his time on the Apple board was an "extraordinary privilege." He added, "I have the utmost respect for Tim Cook, his team at Apple, and for my fellow board members." He also didn't specify why he resigned.

Write to Tripp Mickle at [e-mail]

(END) Dow Jones Newswires

September 13, 2019 18:42 ET (22:42 GMT)

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