What you need to know
- Disney CEO Bob Iger sat down with Jim Cramer on Mad Money
- Iger talked about the two companies “conflicting paths” as the reason for resigning
- He went on to praise Tim Cook’s leadership of the company.
Apple TV+ led to the Walt Disney Company CEO’s departure.
Bob Iger, Walt Disney’s CEO, left Apple’s board of directors on September 10th, the day that Tim Cook and team revealed the release date, price, and details of the companies new streaming service, Apple TV+. Today, Iger sat down with Jim Cramer on Mad Money to discuss his career, his new book, and talk about why he decided to resign.
As almost anyone suspected, Apple TV+ was the reason for the Disney CEO’s departure:
The reason I got off the board as they got more and more into creating television shows and movies, it became more clear to me our paths were conflicting rather than converging. I just thought it was the right thing to do.
Iger had served on Apple’s board of directors since 2011, but with the company moving into film and television with its Apple TV+ streaming service, it put Iger in a difficult position. Disney has been an entertainment company since its inception and is preparing to launch its own streaming service, Disney+, next month.
Though the Disney CEO has parted ways with Apple in a major way, Iger still had sincere and complimentary things about the company and its leader Tim Cook.
Apple continues to raise the bar in terms of quality, quality of service, experience and design. Tim has done a great job. No matter what direction you look, I think you’d conclude that company is one of the great companies of the world.
You can watch the full interview below or at CNBC’s website.