Yesterday morning jobs announced that he is taking a medical leave of absence. This news was delivered via a memo to all employees during the national observance of Martin Luther King Jr. day. He will remain active CEO however is #2 and COO Tim Cook will hold the reigns while he’s away.
The memo reads as follows:
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.
This leave of absence will be Steve Jobs third time he’s taken a medical leave. Though less official, in 2005 he was out after surgery for a cancerous tumor of the pancreas. Following that Steve took a 6 month hiatus in 2009 after a liver transplant. One thing we know about Steve is that he likes to keep his personal business private, and this time around is no different. Insiders close to Steve say this latest leave of absense is related to effects from his Liver Transplant and a rare form of cancer he’s been fighting.
The news shocked investors and Apple stock fell 7% following the news. Though with Tim Cook at the helm again, I don’t think there is much to worry about, at least not for the immediate few years. Apple did just fine during Steve’s absence in 2009 under Tim Cook’s leadership, in fact stock grew as much as 60%.
Oh, and did I mention that today Apple also released their financial earnings report for their fiscal first quarter? The news was very good – Net Profit rose 78% to $6 Billion dollars on revenue of $26.7 billion. With amazing news like this, it’s no wonder they decided to release news of Steve’s leave today. Perfect timing, as always!
Well for what it’s worth, the crew here at groovyPost wish Steve and his family the best. They’ve been through a lot these last few years and I hope his cash is able to buy his health back for good! If he pulls through this time, I hope he learns his lesson and buys a beach somewhere and enjoys the time he has left with his fam. Cook is a genius and I’m sure the company will do just fine while Steve sips Mai Tai’s!