This is what Apple CEO Tim Cook said in 2011, when Iger joined as a board member: “His strategic vision for Disney is based on three fundamentals: generating the best creative content possible, fostering innovation and utilizing the latest technology and expanding into new markets around the world, which makes him a great fit for Apple.” Fast forward to now and, when you consider that Apple and Disney are about to be competitors in the entertainment space, Iger’s move shouldn’t come as a surprise. Still, his departure will be a major loss for the Cupertino company.

“It has been an extraordinary privilege to have served on the Apple board for 8 years, and I have the utmost respect for Tim Cook, his team at Apple and for my fellow board members,” Iger said in a statement today. “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.”