Google’s Schmidt Leaves Apple Board to Quell Concerns

Google Inc. Chief Executive Officer Eric Schmidt is resigning from Apple Inc.’s board, aiming to quell antitrust concerns about intensifying competition between the two companies.

Schmidt’s effectiveness as a director is “significantly diminished” as he needs to recuse himself from meetings because of potential conflicts of interest, Apple CEO Steve Jobs said in a company statement today. The resignation was a mutual decision, Jobs said.

Google has expanded into computer and mobile-phone software, increasingly staking out Apple’s turf. Schmidt’s move signals a reversal from his stance three months ago, when he said he had no plans to resign amid speculation that his overlap on Apple’s board violated U.S. antitrust rules.

Read Full Article from Bloomberg

- Posted: 2009-08-03 10:46:44

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