Apple CEO Steve Jobs has announced he will go on medical leave from his position. Jobs had surgery in 2004 for pancreatic cancer, which medical experts have said explains the liver transplant.
“My family and I would deeply appreciate respect for our privacy,” said Jobs.
He did not reveal specifics about why he had been given time off.
“At my request, the board of directors has granted me a medical leave of absence so I can focus on my health. I will continue as CEO and be involved in major strategic decisions for the company,” he told employees.
Apple stock fell about 6% trading Monday following the news. Investors will have to digest the news about the chief executive as well as the latest earnings for the Christmas season. If this turns out to be a temporary leave of absence, for comparatively minor medical reasons, then this shouldn’t have much effect on your shares. But if the absence is longer and the problem more severe, who knows what will happen to Apple!
Steve’s email in full is as follows:
At my request, the board of directors has granted me a medical leave of absence so I can focus on my health. I will continue as CEO and be involved in major strategic decisions for the company.
I have asked Tim Cook to be responsible for all of Apple’s day to day operations. I have great confidence that Tim and the rest of the executive management team will do a terrific job executing the exciting plans we have in place for 2011.
I love Apple so much and hope to be back as soon as I can. In the meantime, my family and I would deeply appreciate respect for our privacy.