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Say what? It’s true. So says the latest from Apple’s PR library:

Apple® today announced that Dr. Eric Schmidt, chief executive officer of Google, was elected to Apple’s board of directors at their meeting today. Eric also sits on Google’s board of directors and Princeton University’s board of trustees.

“Eric is obviously doing a terrific job as CEO of Google, and we look forward to his contributions as a member of Apple’s board of directors,� said Steve Jobs, Apple’s CEO. “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 is one of the companies in the world that I most admire,â€Â? said Eric Schmidt. “I’m really looking forward to working with Steve and Apple’s board to help with all of the amazing things Apple is doing.â€Â?

Apple and Google sitting in a tree… Get ready Microsoft, looks like Apple & Google are going to get in on a little tag-team action.