Steve Jobs takes 'medical leave of absence' until the end of June [TUAW]

via The Unofficial Apple Weblog (TUAW) by Robert Palmer on 1/14/09

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CNBC is reporting that Steve Jobs' health situation is "more serious" than previously thought, and Steve Jobs announced he is taking a "medical leave of absence" in a letter to Apple employees. He anticipates returning in July.

Tim Cook, Chief Operating Officer, is taking over day-to-day operations of Apple, Inc. in the meantime. In his letter, Jobs says the board supports this plan, and that he will be involved in major decisions even though he is out of the office.

Cook took the reins at Apple for a month in 2004, while Jobs had surgery for pancreatic cancer, the disease that could be contributing to his health problems today.

Jobs released a letter the day before Macworld Expo detailing a "hormone imbalance" that he said would be treatable with an adjusted diet. His health concerns apparently became a distraction to himself and Apple employees, so he chose to take a six-month medical leave of absence.

CNBC analyst Jim Goldman said his sources inside Apple told him that "Steve Jobs is in serious denial" about the state of his health. BusinessWeek's Arik Hesseldahl said on CNBC that although this is a surprise announcement, he took a milder tone, and doesn't think this is a resurgence of Jobs' pancreatic cancer, which Jobs said he beat.

Piper Jaffray's Gene Munster said on CNBC's Fast Money program that while Tim Cook is a solid choice to lead in the interim, "replacing the magic of Steve Jobs is impossible." Even so, Munster considers this a buy opportunity for Apple stock.

Apple stock trading was halted until 5 p.m. Eastern time. In early trades since the stock re-opened, AAPL's price is down by about $10.

Read on to see the full text of Jobs' letter.

Continue reading Steve Jobs takes 'medical leave of absence' until the end of June

TUAWSteve Jobs takes 'medical leave of absence' until the end of June originally appeared on The Unofficial Apple Weblog (TUAW) on Wed, 14 Jan 2009 16:45:00 EST. Please see our terms for use of feeds.

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