Here's a section of the official statement from Apple CEO, Steve Jobs:
"Eric has been an excellent Board member for Apple, investing his valuable time, talent, passion and wisdom to help make Apple successful. 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. Therefore, we have mutually decided that now is the right time for Eric to resign his position on Apple's Board."
OK. That's pretty clear and straightforward. No BS, IMO.
Eric Schmidt had been part of the Apple Board since August 2006.
[via CNET, photo courtesy of TheAge.com.au]