Google chief executive Eric Schmidt is resigning from the board of Apple due to "potential conflicts" as the two tech giants compete in certain areas, Apple announced Monday. Schmidt has been a member of Apple's board 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 chief executive, in a statement. But Jobs said Schmidt could not function effectively as an Apple baord members with Google entering more of Apple's "core businesses," such as the Android mobile phone operating system and the Chrome operating system designed for personal computers.

As a result, "Eric's effectiveness as an Apple board member will be significantly diminished, since he will have to recuse himself from even larger portions of our meetings due to potential conflicts of interest," said Jobs.

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