of google ceo eric schmidt quits from apple board of directors

Google CEO leaves Apple board as companies compete

Google CEO Eric Schmidt has resigned from Apple's board of directors as the Internet search leader increasingly develops products that compete with Apple's core businesses, including the popular iPhone. Shares of both companies rose in early trading.

Apple Inc. CEO Steve Jobs said Schmidt would have had to recuse himself from large portions of the company's board meetings to avoid 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," Jobs said in a statement.

Schmidt had been on Apple's board since August 2006. His resignation comes as the Federal Trade Commission is looking into whether Google's common ties with Apple might discourage competition.