Google CEO Eric Schmidt has resigned from Apple's board of directors due to conflicts of interest between the two companies.

Apple Inc. announced Monday that “Dr. Eric Schmidt, chief executive officer of Google, is resigning from Apple's Board of Directors, a position he has held since August 2006.

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

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 rescue himself from even larger portions of our meetings due to potential conflicts of interest, he said.

Therefore, we have mutually decided that now is the right time for Eric to resign his position on Apple's Board, he added.

Following Google's announcement of Chrome OS last month, Schmidt acknowledged that he would discuss the future of his role with Apple.