Google CEO Schmidt quits Apple board

Google Inc. (GOOG) Chief Executive Eric Schmidt, who brought adult supervision to the search company during its period of spectacular growth, has resigned from the board of Apple Inc. (AAPL), a sign of the growing competition between the two tech giants.

The move is hardly a surprise given the overlap between the two companies.

"Unfortunately, as Google enters more of Apple's core businesses, with Android and now Chrome OS, 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 CEO Steve Jobs in a press release. "Therefore, we have mutually decided that now is the right time for Eric to resign his position on Apple's Board."