Apple CEO Steve Jobs is taking a leave of absence due to medical concerns. The announcement comes roughly two years after Jobs first took a six-month break for a liver transplant.
“At my request, the board of directors has granted me a medical leave of absence so I can focus on my health,” wrote Jobs in an email. “I love Apple so much and hope to be back as soon as I can.”
Chief operating officer Tim Cook will take responsibility for day-to-day operations of Apple, but Jobs will continue to be consulted for major decisions. Jobs gave no timetable for his return, and worries about his status and the future of Apple have sent shares of the company dropping as much as 10 percent.
“This will come as a surprise to Apple investors and definitely take some shine off the Apple stock,” said Alexander Peterc, an equity analyst at Exane. “But even if Steve Jobs never returns to Apple, I would not expect a visible, tangible impact on how Apple is executing over the next couple of years.”
Jobs is a visionary in the field of consumer electronics, but the forces pushing Apple forward shouldn’t be greatly affected by his absence. Still, as Richard Windsor, global technology specialist at Nomura notes, “Perception of the company is another matter. Steve Jobs is seen by the market to be a major force in Apple’s strategic direction. If his pancreatic cancer has returned, one could be quite worried.”
Source: Reuters
