Eric Schmidt Resigns From Apple's (AAPL) Board

Apple (Nasdaq: AAPL) announced that Dr. Eric Schmidt, chief executive officer of Google (Nasdaq: GOOG), is resigning from Apple's Board of Directors, a position he has held since August 2006.

Steve Jobs, Apple's CEO, said, "Unfortunately, as Google enters more of Apple's core businesses, with Android and now Chrome OS, Eric's effectiveness as an Apple Board member will be significantly diminished, since he will have to recuse himself from even larger portions of our meetings due to potential conflicts of interest. Therefore, we have mutually decided that now is the right time for Eric to resign his position on Apple's Board."