Disney CEO Bob Iger has resigned from Apple's board of directors, The Hollywood Reporter has said. The move was made on the same day as Apple revealed new details of its Apple TV+ video streaming service.

Naturally, reports speculate that Iger's departure could be due to Apple's streaming service being in direct competition with Disney's platform, Disney+. Both companies are due to launch their respective platforms in November this year.

“I have the utmost respect for Tim Cook, his team at Apple and for my fellow board members,” Iger said in a statement obtained by THR. “Apple is one of the world’s most admired companies, known for the quality and integrity of its products and its people, and I am forever grateful to have served as a member of the company’s board.”

In its own statement, Apple thanked Iger for his contribution to the company and added that the tech giant expects to maintain a relationship with Disney.

"Bob has been an exemplary board member for nearly eight years, and for as long as he has led Disney he has been one of Apple’s most trusted business partners," the statement reads. "While we will greatly miss his contributions as a board member, we respect his decision and we have every expectation that our relationship with both Bob and Disney will continue far into the future."

Apple TV+ will launch on November 1 with a monthly subscription fee of $4.99. Disney+, meanwhile, lands on November 12 and will be priced at $6.99.