Posted at 20:57 ET September 13, 2019 |
Disney has unveiled many changes and additions at the 2019 D23 Expo, including what's coming to Disney + and the release dates for major films.
SAN FRANCISCO – Walt Disney Co. CEO Robert Iger has left Apple's board of directors as the two companies prepare to launch competing video streaming services aimed at market leader Netflix.
Apple announced Iger's departure in a regulatory document on Friday, but his resignation became effective on Tuesday. That same day Apple announced its the long awaited video streaming service will be launched on November 1st and costs just $ 5 a month, less than half the price of Netflix's most popular plan.
Disney is preparing to launch a $ 7 per month video streaming service in late November.
The dueling services sparked potential conflicts of interest that apparently prompted Iger to step down after spending nearly eight years on Apple's board.
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Apple praised Iger as an "exemplary" board member and one of his "most trusted business partners" in a statement.
Iger answered in kind. "Apple is one of the most admired companies in the world, known for the quality and integrity of its products and its people, and I am forever grateful to have served as a board member," he said in a statement.
Iger, 68, intertwined with Apple in 2006 when he negotiated a $ 7.4 billion deal to buy computer animation studio Pixar, a company run by Steve Jobs. This made Apple's co-founder Disney's largest shareholder, and Jobs sat on Disney's board, which he held until his death in 2011.
Both companies are now targeting the fast-growing video streaming market – a field where Netflix has pioneered the process of bringing together over 150 million subscribers worldwide. But intensifying competition could slow Netflix's growth, a threat that became sharper earlier this summer, when Netflix announced its first quarterly decline in US subscribers since 2011.
Undeterred, Apple said its relationship with Iger and Disney will continue "in the future."
The Cupertino, Calif., Company has not said whether it intends to replace Iger in what is now a seven-member board.
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