NEW YORK (CNNMoney.com) -- Apple Computer said Tuesday it had elected Google CEO Eric Schmidt to its board of directors.

Shares of Cupertino, Calif.-based Apple (Charts) rose nearly 1 percent in extended trading on the announcement, which was made after the market close.

Google CEO Eric Schmidt

"Like Apple, Google is very focused on innovation and we think Eric's insights and experience will be very valuable in helping to guide Apple in the years ahead," Apple CEO Steve Jobs said in a statement.

Schmidt also serves on Google's (Charts) board of directors as well as Princeton University's board of trustees.

Schmidt is in charge of handling Google's day-to-day operations as well as developing the search provider's corporate infrastructure.

"Apple is one of the companies in the world that I most admire," said Schmidt in a statement. "I'm really looking forward to working with Steve and Apple's board to help with all of the amazing things Apple is doing."

Before Google, he was chairman and CEO of business software maker Novell. Schmidt also held the chief technology officer position at Sun Microsystems.

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