I guess he could stay for laptop and desktop hardware strategy and non-product business issues, but he is increasingly unable to apply the special insight that made him valuable as a board member.
The press release says that it's about the potential conflict of interest. It would have been a concern as soon as Google announced Android, and probably even before.
As most people and the techcrunch headline pointed out, this has been a long time coming, the google voice situation may have been the tipping point, but this would have happened sooner or later regardless.
In all probability, it's a case of the google voice debacle being the final straw rather than it being the deciding factor.
Having on your board an executive from a company that competes with you in multiple ways is awkward, both for your company and for the executive.