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Google CEO Schmidt leaves Apple board

by admin on Aug.03, 2009, under Global Economic Crisis, Google's search site, Mac systems, Users Mac, World Economy

Google Chief Executive Eric Schmidt resigned from Apple’s board of directors Monday, citing conflicts of interest.

Apple (AAPL, Fortune 500) said in a statement that the company and Schmidt reached a mutual decision to split ties as Google (GOOG, Fortune 500) enters new markets that directly compete with Apple’s iPhone and Mac operating systems.

“I have very much enjoyed my time on the Apple Board; it’s a fantastic company,” said Schmidt in a statement. “But as Apple explained today we’ve agreed it makes sense for me to step down now.”

Schmidt has been with Google since 2001 and on Apple’s board since August 2006.

Shares of Google rose 1.9%, while Apple’s stock gained 1.6%. National Hard Money Association

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