Monday, January 17, 2011

Steve Jobs Goes on Medical Leave

This morning Steve Jobs through a email to employees and reproduced for the media announced that he will be taking a leave of absence.

Apple CEO Steve Jobs today sent the following email to all 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.
Steve Jobs has been seriously ill twice before, the first for pancreatic cancer in 2004 and last time in 2009 where he took leave for several months for a liver transplant. At that time Tim Cook Apple's very capable COO had also taken over for him.
Steve Jobs announcement was probably made today as its a public holiday in the U.S to allow the markets to gradually absorb the information and also because tomorrow January 18 Apple will be announcing its earnings for its Christmas quarter which is expected to be a blockbuster.  Marketwatch reports thin trading overseas in Frankfurt shows Aapl dropping by almost 8%. 
Steve Jobs illness is indeed a shocker as Apple has been rising on a wave of success with hit after hit product. We wish him well.