Steve Jobs Medical Leave: CEO’s Health Issues Worse Than Originally Thought

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It seems that the recent health concerns surrounding Apple CEO Steve Jobs, while often exaggerated, may have been justified after all.

Mr. Jobs sent an e-mail to all Apple employees today indicating that he will be taking a six month leave of absence.

Tim Cook, the company’s chief operating officer, will be responsible for Apple’s day-to-day operations, according to the statement.

Apple shares fell 8% to $78.40 in after-hours trading. They were halted after closing down $2.38 to $85.33 in Wednesday regular-hours trading.

Jobs, a co-founder of Apple, returned as chief executive more than a decade ago and has become closely associated with the company’s overall identity.

Speculation about his health has been widespread for months, reaching a crescendo when it was announced he would not appear at Apple’s annual Macworld product showcase in San Francisco last week.

Just as Macworld opened, Apple released a letter from Jobs to employees describing his illness, in which he said he would take a less active role in the company while recuperating.

Team,
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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