Google's Schmidt resigns from Apple board

From CNET News.com: In a move that comes as little surprise, Apple announced Monday that Google CEO Eric Schmidt is resigning from its board of directors.

"Eric has been an excellent Board member for Apple, investing his valuable time, talent, passion and wisdom to help make Apple successful," Apple CEO Steve Jobs said in the release. "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."

Schmidt had been on Apple's board for almost exactly three years, since August 2006.

In May, Google confirmed that the Federal Trade Commission (FTC) was planning to hold discussions concerning potential conflicts of interest related to Schmidt's presence on both companies' boards of directors. Google's chief legal officer, David Drummond, said at the time that Google did not believe there was a problem with the situation.

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