Apple
Now playing
01:15
Hear the new details about Apple TV+
Accused $50 billion Ponzi scheme swindler Bernard Madoff exits federal court March 10, 2009 in New York City. Madoff was attending a hearing on his legal representation and is due back in court Thursday.  (Photo by Mario Tama/Getty Images)
Mario Tama/Getty Images
Accused $50 billion Ponzi scheme swindler Bernard Madoff exits federal court March 10, 2009 in New York City. Madoff was attending a hearing on his legal representation and is due back in court Thursday. (Photo by Mario Tama/Getty Images)
Now playing
03:11
Bernie Madoff, infamous Ponzi schemer, dead at 82
Now playing
05:18
Coinbase CFO: We're an on-ramp to the crypto economy
A man checks vine buds during the burning of anti-frost candles in the Luneau-Papin wine vineyard in Le Landreau, near Nantes, western France, on April 12, 2021, as temperatures fall below zero degrees celsius.
Sebastien Salom-Gomis/AFP/Getty Images
A man checks vine buds during the burning of anti-frost candles in the Luneau-Papin wine vineyard in Le Landreau, near Nantes, western France, on April 12, 2021, as temperatures fall below zero degrees celsius.
Now playing
01:37
See how French winemakers are trying to save their crops from frost
SUEZ, EGYPT - MARCH 29: The container ship 'Ever Given' is refloated, unblocking the Suez Canal on March 29, 2021 in Suez, Egypt. This morning the container ship came partly unstuck from the shoreline, where it ran aground in the canal last Tuesday, and later resumed its course shortly after 3pm local time. The Suez Canal is one of the world's busiest shipping lanes and the blockage had created a backlog of vessels at either end, raising concerns over the impact on global shipping and supply chains. (Photo by Mahmoud Khaled/Getty Images)
Mahmoud Khaled/Getty Images
SUEZ, EGYPT - MARCH 29: The container ship 'Ever Given' is refloated, unblocking the Suez Canal on March 29, 2021 in Suez, Egypt. This morning the container ship came partly unstuck from the shoreline, where it ran aground in the canal last Tuesday, and later resumed its course shortly after 3pm local time. The Suez Canal is one of the world's busiest shipping lanes and the blockage had created a backlog of vessels at either end, raising concerns over the impact on global shipping and supply chains. (Photo by Mahmoud Khaled/Getty Images)
Now playing
00:57
Egypt seizes Ever Given ship, asks for $900M in compensation
CNN
Now playing
03:06
Hear doctor's message for people with J&J vaccine concerns
Barbers from King's Cutz give haircuts indoors while observing COVID-19 safety restrictions on March 13, 2021 in Los Angeles, California.
Mario Tama/Getty Images
Barbers from King's Cutz give haircuts indoors while observing COVID-19 safety restrictions on March 13, 2021 in Los Angeles, California.
Now playing
01:43
US consumer prices increased in March
Now playing
03:21
Teachers under pandemic stress are quitting: I didn't feel safe
Domino's autonomous vehicle will deliver your pizza
Domino's
Domino's autonomous vehicle will deliver your pizza
Now playing
01:12
Watch this robot deliver a Domino's pizza
Now playing
01:27
See the first community of 3D-printed homes
Now playing
04:22
Levi's CEO has message for Mitch McConnell
Elon Musk's Neuralink says this monkey is playing Pong with its mind
From Neuralink/Youtube
Elon Musk's Neuralink says this monkey is playing Pong with its mind
Now playing
01:41
Elon Musk's company says this monkey is playing Pong with his mind
CNN
Now playing
02:36
The truth behind Covid-19 vaccines for sale on the dark web
Heinz ketchup packets are shown in New York on Monday, August 22, 2005. H.J. Heinz Co., the world's biggest ketchup maker, said first-quarter profit fell 19 percent on expenses to cut jobs and sell businesses.  (Photo by Andrew Harrer/Bloomberg via Getty Images)
Andrew Harrer/Bloomberg/Getty Images
Heinz ketchup packets are shown in New York on Monday, August 22, 2005. H.J. Heinz Co., the world's biggest ketchup maker, said first-quarter profit fell 19 percent on expenses to cut jobs and sell businesses. (Photo by Andrew Harrer/Bloomberg via Getty Images)
Now playing
01:53
Restaurants face a nationwide ketchup packet shortage
CNN
Now playing
03:53
Norwegian Cruise Line CEO to CDC: We want to be treated fairly
Getty Images
Now playing
02:18
This airplane-shaped bag is selling for more than some actual planes
(CNN Business) —  

Disney CEO Bob Iger resigned from Apple’s board of directors Friday, just as the two companies are becoming streaming media competitors.

Apple (AAPL) on Tuesday announced the pricing and features of TV+, the company’s new Netflix (NFLX) competitor. It will cost $4.99 a month, $2 less than Disney’s (DIS) soon-to-be-released Disney+ streaming product. Both TV+ and Disney+ will stream original television shows and movies to subscribers.

Disney CEO Bob Iger stepped down from Apple's board Friday.
Alberto E. Rodriguez/Getty Images
Disney CEO Bob Iger stepped down from Apple's board Friday.

It’s common for executives to step down from boards when the companies they work for become rivals with the companies they direct. And with regulatory scrutiny of Silicon Valley heating up in general, it seems like a good time for the two sides to part ways. Apple’s board was previously eyed by the Federal Trade Commission for its ties to competitors. Eric Schmidt, the former Google CEO, stepped down from Apple’s board in 2009 after Google’s Android became a viable competitor to Apple’s iPhone and the agency raised questions about the relationship.

In Apple’s previous regulatory filings about Iger, the company had noted Apple enters into “arms-length commercial dealings” with Disney, including content licensing agreements. But Apple said it didn’t believe Iger had a “material direct or indirect interest” in those negotiations.

Iger had served on Apple’s board since November 2011, a month after former Apple CEO Steve Jobs died.

At Apple, Iger was the chairman of the company’s governance committee and served on the compensation committee. He is one of the world’s highest-paid CEOs: His total compensation at Disney was $65.6 million last year. Iger has long been criticized for his high pay, including by Disney heiress Abigail Disney, who has been outspoken about Iger’s compensation.

Iger was paid $125,000 in salary and $250,000 in stock to serve on Apple’s board. At the end of last year, Iger held $11 million worth of Apple’s stock.