MUMBAI: Disney CEO Bob Iger has stepped down from Apple’s board of directors the day Apple announced the price and release date for its streaming service. The resignation comes at a time when both the companies are upping the game in the streaming business.

Apple revealed on 10 September, the day Iger departed, the new details about Apple TV+, a $4.99-per-month service that will launch on 1 November. Around the same time, Disney is also launching its streaming video service Disney+ on 12 November. As both the companies are looking at creating original content, the two services will increasingly come into conflict in the future.

“It has been an extraordinary privilege to have served on the Apple board for eight years, and I have the utmost respect for Tim Cook, his team at Apple, and for my fellow board members,” Iger said in a statement. “Apple is one of the world’s most admired companies, known for the quality and integrity of its products and its people, and I am forever grateful to have served as a member of the company’s board,” he added further.

The two companies were in cordial relations for a long time. Iger and late Apple co-founder Steve Jobs were personal friends. Jobs became a Disney director and major shareholder when Disney bought Pixar. After Job’s death in 2011, Iger joined Apple’s board.

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