Apple CEO Steve Jobs takes medical leave; shares drop

Thursday 15th January 2009

Steve Jobs, co-founder and chief executive of Apple Inc., will take medical leave from the company that makes iPods, iPhones and Mac computers. Shares of the company fell 2.7% to US$85.33 on the Nasdaq Composite.

Jobs named chief operating officer Tim Cook to take over his day-to-day responsibilities, saying he would still be involved in strategic decisions. Cook stood in for Jobs in 2004, when he had surgery for pancreatic cancer. Jobs said yesterday he plans to be off work until the end of June.

"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," Jobs said in a letter to staff that was released on the company's website. "In addition, during the past week I have learned that my health-related issues are more complex than I originally thought."

Speculation about his health was stoked by recent public appearances which showed marked weight loss, a development he described at the time as being down to a hormone imbalance. Apples shares are down 49% in the past 12 months.

Jobs skipped out on delivering a keynote address at the annual Macworld Expo in December, the first non-appearance in 11 years.

By Jonathan Underhill

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