Filed under: Apple Corporate, Steve Jobs
Steve Jobs takes 'medical leave of absence' until the end of June
CNBC is reporting that Steve Jobs' health situation is "more serious" than previously thought, and Steve Jobs announced he is taking a "medical leave of absence" in a letter to Apple employees. He anticipates returning in July.
Tim Cook, Chief Operating Officer, is taking over day-to-day operations of Apple, Inc. in the meantime. In his letter, Jobs says the board supports this plan, and that he will be involved in major decisions even though he is out of the office.
Cook took the reins at Apple for a month in 2004, while Jobs had surgery for pancreatic cancer, the disease that could be contributing to his health problems today.
Jobs released a letter the day before Macworld Expo detailing a "hormone imbalance" that he said would be treatable with an adjusted diet. His health concerns apparently became a distraction to himself and Apple employees, so he chose to take a six-month medical leave of absence.
CNBC analyst Jim Goldman said his sources inside Apple told him that "Steve Jobs is in serious denial" about the state of his health. BusinessWeek's Arik Hesseldahl said on CNBC that although this is a surprise announcement, he took a milder tone, and doesn't think this is a resurgence of Jobs' pancreatic cancer, which Jobs said he beat.
Piper Jaffray's Gene Munster said on CNBC's Fast Money program that while Tim Cook is a solid choice to lead in the interim, "replacing the magic of Steve Jobs is impossible." Even so, Munster considers this a buying opportunity for Apple stock.
Apple stock trading was halted until 5 p.m. Eastern time. In early trades since the stock re-opened, AAPL's price is down by about $10.
Read on to see the full text of Jobs' letter.
Team,
I am sure all of you saw my letter last week sharing something very personal with the Apple community. Unfortunately, the curiosity over my personal health continues to be a distraction not only for me and my family, but everyone else at Apple as well. In addition, during the past week I have learned that my health-related issues are more complex than I originally thought.
In order to take myself out of the limelight and focus on my health, and to allow everyone at Apple to focus on delivering extraordinary products, I have decided to take a medical leave of absence until the end of June.
I have asked Tim Cook to be responsible for Apple's day to day operations, and I know he and the rest of the executive management team will do a great job. As CEO, I plan to remain involved in major strategic decisions while I am out. Our board of directors fully supports this plan.
I look forward to seeing all of you this summer.
Steve
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Reader Comments (Page 1 of 4)
Jash Sayani said 4:50PM on 1-14-2009
We'll miss you....
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Alex Dixon said 4:51PM on 1-14-2009
Oh God.
What's going to happen to Apple while he's away... :(
Come back soon Steve..
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John said 4:51PM on 1-14-2009
Hopefully he will get better and come back more refreshed in June
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JH315 said 4:52PM on 1-14-2009
Don't talk that way. He's not gone yet. Best of luck to Steve and his family...
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Peter said 4:54PM on 1-14-2009
Watch the stock drop like a rock tomorrow.
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ipodrulz said 5:59PM on 1-14-2009
Or right now for that matter. :(
Tom said 4:58PM on 1-14-2009
To anyone medically trained, the excuses over the last several months for his declining health were bogus, and may elicit the biggest lawsuits against Apple it has ever seen. Nevertheless, Steve is a good man, and hopefully he recovers.
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Christopher K. said 5:17PM on 1-14-2009
How would it elicit any sort of lawsuits? I'm not sure if Apple lied, but even if they have, they didn't lie about product specs or anything to get more sales or change stock prices. If we could sue celebrities every time they told us something that was bogus (i.e. Britney: "I'm a virgin"), the world would be a much better place with poor celebrities.
Le Big Mac said 5:24PM on 1-14-2009
If Apple misled investors about material facts about the company--the health of a CEO that actually matters to thecompany's performance--shareholders could sue. Not saying they'd win, but it's not a crazy case.
Which means, of course, that some lawyers will make a lot of money and some shareholders will have to pay other shareholders for their losses.
torpeau said 5:25PM on 1-14-2009
Because if people invested in Apple because they thought the CEO, Jobs, was in good health, they could have been misled.
Still, let's let this play out over the next few months. The stock has dropped 10 or 11% so far, but I bet it recovers a little tomorrow.
Jason said 5:48PM on 1-14-2009
What if he's already dead? There is zero footage of him in months, only "letters". Amidst an already declining economy, Apple couldn't take the risk of announcing the truth so they've been covering it as best they can. Til the end of June is how much time they need to ready the new holographic Jobs. It's all a big conspiracy!
(please don't take this seriously)
KosherSalt said 5:55PM on 1-14-2009
"To anyone medically trained, the excuses over the last several months for his declining health were bogus..."
THAT'S because it's none of our damn business. Everything we here (especially here) runs through a few filters anyway.
askwatt said 7:47PM on 1-14-2009
I live near him, he is not dead. His car still comes and goes...
Timepilot84 said 6:12PM on 1-14-2009
Woohoo! Maybe now we can get copy and paste on the iPhone! Good riddance! No more idiotic 'vision' of how we should use our tools!
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iBearTouch said 6:31PM on 1-14-2009
Insensitive idiot
Booda said 6:56PM on 1-14-2009
Lack of copy and paste and SMS are enough to have you rooting for a man's death? What the hell is wrong with you?
Dylan said 11:27PM on 1-14-2009
Your a horribly insensitive person. I can't believe this. Terrible.
Daniel Anderson Jr. said 4:58PM on 1-14-2009
Let's not panic. Apple and Steve deserve our confidence in them.
Time to take a deep breath and remember we are all mortal, even his Steveness, so give a hug to the ones you love, make sure they know you love them and live everyday like it is your last.
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David Robison said 5:05PM on 1-14-2009
Well said. And modern medicine can do amazing things.
jonas said 5:01PM on 1-14-2009
http://www.apple.com/pr/library/2009/01/14advisory.html
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