Walt Disney Co. CEO Bob Iger announced Friday that he would step down from Apple's board of directors, as the two companies will now compete when they roll out their Disney+ and AppleTV+ streaming services this fall. 

"I have the utmost respect for Tim Cook, his team at Apple and for my fellow board members," Iger said about the resignation. "Apple is one of the world's most admired companies, known for the quality and integrity of its products and people, and I am forever grateful to have served as a member of the company's board."

Apple has said that it respects Iger's decision, and that "we have every expectation that our relationship with both Bob and Disney will continue into the future." 

Iger has had a strong impact on Apple and was friends with Apple visionary Steve Jobs. Iger had helped put shows from Disney's ABC network on Apple's iTunes in 2005. Their relationship also helped Disney buy animation studio Pixar in 2006 for $7 billion, which was then led by Jobs. 

Iger has served on Apple's board of directors since 2011 but since his company will soon compete with Apple, it might be a wise decision for him to leave to avoid regulatory scrutiny. The federal government is currently examining whether companies like Apple have too much power in the market. 

Disney+ and AppleTV+ will both launch in November, with AppleTV+ coming out on Nov. 1 and Disney+ rolling out on Nov. 12. Both services will offer their own exclusive shows and movies.

AppleTV+ will be $4.99 a month,and will have a free seven day trial. Disney+ will be $6.99 a month. Both services will compete with streaming behemoth Netflix, whose basic streaming plan comes at $8.99 a month. 

Although Apple+ is the cheapest of the three services, it will only have nine original titles available on launch. Apple's service will have to compete with Netflix's massive streaming library and Disney's library of content, which will feature popular Marvel, Pixar and Lucasfilm titles.