Apple CEO Steve Jobs Takes Medical Leave Until June (Update1)
By C. Guglielmo
-- Apple Inc. Chief Executive Officer Steve Jobs, who said this month that he is having treatment for a nutritional ailment, will take a medical leave of absence until June.
Tim Cook will take over Apple’s day-to-day operations, the Cupertino, California-based company said today in a statement. Jobs said he will remain involved in major strategic decisions.
“During the past week I have learned that my health- related issues are more complex than I originally thought,” Jobs said in the statement.
Jobs, who co-founded Apple in 1976, returned as CEO in 1997 and transformed the money-losing maker of Macintosh computers. His focus on stylish design and simple-to-use gadgets won over millions of buyers, turning Apple’s iPod media player and iPhone into best sellers. Jobs, who had successful surgery for pancreatic cancer in 2004, appeared thinner at Apple events last year.
Apple shares were halted in extended trading. They lost $2.38 to $85.33 today in Nasdaq Stock Market trading. Apple has confirmed that CEO Steve Jobs will step down from his CEO post while recuperating from a hormone imbalance. His absence will stretch until the end of June.
Tim Cook, Apple's chief operating officer, will run the company during Jobs' absence, according an e-mail Jobs sent to Apple employees that was released to the media.
Jobs said in the e-mail:
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.
Trading in Apple's stock was halted following the announcement but resumed around 2 p.m. PT, falling more than 8 percent, as investors digested the news.
Jobs, 53, has been the subject of heated speculation regarding his health since last June's Worldwide Developers Conference, when he appeared to have lost a great deal of weight. At the time, Apple insisted Jobs' health was a private matter, but revealed in early January that Jobs was suffering from a hormone imbalance that was impeding his body's ability to absorb certain proteins.
In August 2004 Jobs underwent successful surgery to treat a rare form of pancreatic cancer, which sidelined him until September of that year. Much of the speculation over the past year has been over whether or not that cancer has returned, which was not clear from the e-mail written by Jobs, an intensely private man.
Since his return to Apple in 1997, the mercurial founder has resurrected Apple from the depths, reviving the Mac, changing the music industry with the introduction of the iPod and iTunes, and turning the mobile phone industry on its head with the 2007 introduction of the iPhone. He is considered to be one of the single-most influential executives in the technology industry, if not U.S. business itself.
Apple has been criticized over the past few years for seeming to lack a succession plan for Jobs, who some feel can truly never be replaced. But it has never been clear whether the company was just playing its cards close to its vest regarding that plan, or whether it actually didn't have a plan. Cook has been regarded as the short-term solution for a long time, having run the company during Jobs' absence in 2004 and respected as a detail-oriented manager who can keep the ship on course. as of 6pm apple stock is down to 78.75 a share
By C. Guglielmo
-- Apple Inc. Chief Executive Officer Steve Jobs, who said this month that he is having treatment for a nutritional ailment, will take a medical leave of absence until June.
Tim Cook will take over Apple’s day-to-day operations, the Cupertino, California-based company said today in a statement. Jobs said he will remain involved in major strategic decisions.
“During the past week I have learned that my health- related issues are more complex than I originally thought,” Jobs said in the statement.
Jobs, who co-founded Apple in 1976, returned as CEO in 1997 and transformed the money-losing maker of Macintosh computers. His focus on stylish design and simple-to-use gadgets won over millions of buyers, turning Apple’s iPod media player and iPhone into best sellers. Jobs, who had successful surgery for pancreatic cancer in 2004, appeared thinner at Apple events last year.
Apple shares were halted in extended trading. They lost $2.38 to $85.33 today in Nasdaq Stock Market trading. Apple has confirmed that CEO Steve Jobs will step down from his CEO post while recuperating from a hormone imbalance. His absence will stretch until the end of June.
Tim Cook, Apple's chief operating officer, will run the company during Jobs' absence, according an e-mail Jobs sent to Apple employees that was released to the media.
Jobs said in the e-mail:
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.
Trading in Apple's stock was halted following the announcement but resumed around 2 p.m. PT, falling more than 8 percent, as investors digested the news.
Jobs, 53, has been the subject of heated speculation regarding his health since last June's Worldwide Developers Conference, when he appeared to have lost a great deal of weight. At the time, Apple insisted Jobs' health was a private matter, but revealed in early January that Jobs was suffering from a hormone imbalance that was impeding his body's ability to absorb certain proteins.
In August 2004 Jobs underwent successful surgery to treat a rare form of pancreatic cancer, which sidelined him until September of that year. Much of the speculation over the past year has been over whether or not that cancer has returned, which was not clear from the e-mail written by Jobs, an intensely private man.
Since his return to Apple in 1997, the mercurial founder has resurrected Apple from the depths, reviving the Mac, changing the music industry with the introduction of the iPod and iTunes, and turning the mobile phone industry on its head with the 2007 introduction of the iPhone. He is considered to be one of the single-most influential executives in the technology industry, if not U.S. business itself.
Apple has been criticized over the past few years for seeming to lack a succession plan for Jobs, who some feel can truly never be replaced. But it has never been clear whether the company was just playing its cards close to its vest regarding that plan, or whether it actually didn't have a plan. Cook has been regarded as the short-term solution for a long time, having run the company during Jobs' absence in 2004 and respected as a detail-oriented manager who can keep the ship on course. as of 6pm apple stock is down to 78.75 a share
1 comment:
Apple has had a run alright.
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