Google CEO Schmidt quits Apple board

Apple Inc said on Monday that Schmidt would have had to recuse himself from large portions of the company’s board meetings to avoid potential conflicts of interest.

“Therefore, we have mutually decided that now is the right time for Eric to resign his position on Apple’s Board,” Apple CEO Steve Jobs said. His resignation comes as the Federal Trade Commission is looking into whether Google Inc.’s common ties with Apple might discourage competition.

Few months ago, he expressed confidence that such an inquiry into his role on the board won’t find evidence that ties between the two firms throttle competition.