Apple's Steve Jobs: "I Have Decided to Take a Medical Leave of Absence"
Trading in Apple shares was halted this afternoon when the company announced that CEO Steve Jobs is taking a medical leave of absence until the end of June. Apple COO Tim Cook will handle day-to-day operations in his absence. And Jobs is to remain involved in major strategic decisions. Jobs broke the news to Apple (AAPL) employees in the following all-hands memo:
Team,
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
Coming as it does after Jobs’s disclosure last week that he had a hormone deficiency that had caused him to dramatically lose weight, this is very worrisome news for Apple and its shareholders.
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