On Friday Apple announced details on its upcoming streaming service, Apple TV+. On the same day, CEO of the Walt Disney Company Bob Iger announced his departure from the board of directors of Apple. This is due to the competitive nature of each company’s streaming services.

“I have the utmost respect for Tim Cook, his team at Apple and for my fellow board members,” Bob Iger said in the statement. “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.”

“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,” Apple said in a statement. “He is a dedicated, visionary CEO and a role model for an entire generation of business leaders. More than anything, Bob is our friend. He leads with his heart and he has always been generous with his time and advice. 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, 2019. It will cost $4.99 a month. Disney+ launches on November 12, 2019, and will be $6.99 per month. While the two companies will be competing in the streaming service arena, they will also continue to work together. Disney+ will be available on Apple devices and also iOS. Disney movies also are available for purchase and rent by Apple.

“In the ordinary course of business, Apple enters into arms-length commercial dealings with The Walt Disney Company, including sales arrangements, digital services content licensing agreements, and similar arrangements,” a filing said. “Apple does not believe that Mr. Iger has a material direct or indirect interest in any of such commercial dealings.”