Steve Jobs Takes Leave of Absence: Updated
Apple co-founder and CEO Steve Jobs will take his second leave of absence in two years. Today Jobs sent the following email to Apple employees:
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.
Apple has’t and likely won’t comment on the specifics of Steve’s health or how long he will be on leave. Tim Cook oversaw Apple’s day to day operations during Job’s last LOA.
The timing of this announcement seems somewhat strategic. Not only is the market closed today, it’s also the day before Apple’s Q1 earnings report. I personally get nervous when Apple plans a media event within a few days of a financial report. I’ve noticed that when they do, the quarterly is sub par and their stock sinks. The media event then recovers stock optimism sending it’s PPS (price per share) back up.
Could Apple be doing the opposite here? Are we about to see a blockbuster quarter from Cupertino? Apple knows the market is closed today, therefore no panic selling or stock crash.
When the market opens tomorrow, Steve’s LOA will be partially digested and we will likely see a moderate sell off. If monster financials are released, the stock could rise and regain upward movement.
Just a thought…
Tecni Glee’s best wishes go out to the Jobs family.
Update: The New York Times has reported:
“A person with knowledge of the situation said that Mr. Jobs suffers from immune system issues common with people who have received liver transplants and that, as a result, his health suffers from frequent “ups and downs.”
In recent weeks, Mr. Jobs began a down cycle and slowed his activities at Apple, said the person, who refused to be identified because he was not authorized to discuss Mr. Jobs’s condition. Mr. Jobs has been coming to the office about two days a week and has appeared increasingly emaciated, the person said. He has frequently had lunch in his office, rather than in the company cafeteria, the person said.”