Apple's Jobs Takes Medical Leave; Back in Summer for WWDC?

Apple (AAPL) CEO Steve Jobs said Wednesday that he will take a medical leave until the end of June to focus on his health. In the meantime, chief operating officer Tim Cook will take over day-to-day operations.

The news (Apple statement) is likely to start succession planning talk at Apple. Jobs is wrestling with “a hormonal imbalance” and speculation about his health has been rampant. Given the news, it only seems prudent that Apple create and disclose a succession plan of some sort.

The timing of Jobs' return is also notable since it’s an open question whether Jobs would make an appearance at Apple’s WorldWide Developer Conference this summer.

In an email to employees, Jobs wrote:

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.

In a nutshell, Apple will have almost six months without Jobs at the helm.

Jobs’ email comes just a few days after a Macworld confab that was disappointing overall. Apple marketing chief Phil Schiller didn’t have a lot to work with in the announcement department.

Comments

[.crazylegs..:]

Get better soon, Steve.

Jan 14 05:29 PM

[Medici:]

The whole thing is Misleading...I am sure everyone wishes Steve Jobs well, however, the handlng by Apple and its board in the dissemination of information relating to Mr. Jobs health is misleading and will open a can of worms (Lawsuits) that all could have been avoided. The company is NOT based on a single person (ie Jobs) the fundamentals are sound except for the poor retail enviorment. They Apple, have a ton of cash-

Jan 14 05:29 PM

[RLLH:]

I agree that the lawyers will swarm after Apple for their attempt to cover up. While I view most lawsuits are attempts to blackmail the firm, in this case I think the lawsuit would unfortunately be justified. And of course it is the stockholder who will end up losing both ways.

Jan 14 05:42 PM

[LongAAPL:]

Just now when interest in buying macs is at an all time high, Apple takes a pass on new products. Steve's health and the lackluster Macworld announcements will drive this stock down despite good fundamentals. I see a buying opportunity tomorrow.

Jan 14 06:01 PM

[Moon Kil Woong:]

People should just leave the guy alone. However, the loss of Steve will have long term negative effects. Apple should have long ago said Steve Jobs is taking a step back from day to day business for health purposes. Simple and not too much detail.

Personal life is his business. Disclosure that he has health problems are enough. I don't see people asking for Warren Buffet's medical records every year. A decline in his health would be even more catastrophic for Berkshire Hathaway. As long as Apple issues due diligence that he has ongoing health problems (which the market knew already) I think that is fine.

Jan 14 06:34 PM

[User 283977:]

I doubt Steve Jobs put off having the needed, obviously depilating series of medical treatments for over a year. It sounds like his doctors finally did find the source of his weight loss. Given the length of time involved to correctly diagnosis the problem, we can hope that means the problem is confined to a limited area.

It’s sad that this very private man, this hero of the personal computer revolution is now going to be subjected to having his personal health turned into a media circus by a group of rapacious legal hyenas.

This is one investor that only wishes the best of luck to Steve and his family in this difficult time. If I loose some money, its only money. What our society has gained because of this man's contributions is immeasurable.

Jan 14 06:41 PM