Apple CEO Steve Jobs steps aside citing health issues

Stephen Withers
Thursday, 15 January 2009 03:08

IT Industry - Strategy

Despite closing with "So now I’ve said more than I wanted to say, and all that I am going to say, about this", it turns out there's more to the story.

He now says his health problems are more complex than that, and he will step aside from his day-to-day duties until the end of June - although he will still be involved in major strategic decisions during that time. Chief operating officer Tim Cook will look after other matters in his absence.

Although one objective is to take the spotlight off Jobs' health, it seems likely to stir fresh speculation about the company's succession plans.

Investors did not welcome the news.

Apple shares had closed down 2.38 percent on the day at $US85.33, and further falls occurred during after-hours trading. The price dropped as low as $US79.50, but moved closer to $US80.00 as this article was being finalised.

Here's the text of Jobs' email, as released by Apple under the heading "Apple Media Advisory":

"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"