Steve Jobs Takes Leave of Absence from Apple

Published by: Frank Galvano on 17th Jan 2011 | View all blogs by Frank Galvano
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Steve Jobs Takes Leave of Absence from Apple

Apple's chief executive announced on Monday he is taking a leave of absence from the day-to-day operations of the company to focus on his health.  Jobs will continue to function as CEO and will be involved in major strategic decisions, but day-to-day operations will be handled by the company's chief operating officer, Tim Cook.

“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,” Jobs said in an email to Apple employees.

Shares of Apple plunged 8 percent in Frankfurt on the news, while US financial markets were closed Monday in observance of Martin Luther King, Jr. Day.  Jobs' health has been in question before, causing tremendous fluctuations in the company's stock.  Cook has handled the load in Jobs' previous absences.

Jobs battled pancreatic cancer in 2004, for which he required surgery, and he also underwent liver transplant surgery in June 2009.  Apple is expected to release fiscal first-quarter results on Tuesday, and analysts expect the company to report a 50 percent increase in revenue, which should stave off the negative effects on the stock of Jobs' announcement.

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