Jobs Out of Apple

  • Steve Jobs on medical leave
  • COO Tim Cook takes over
  • Apple results out on Wednesday

Apple CEO Steve Jobs is once again taking medical leave from the company he co-founded in 1976. Just over 2 years ago, Jobs took a similar leave in order to get at liver transplant, having survived a rare form of pancreatic cancer in 2004. Pancreatic cancer is one of those forms of the disease that does not have a high survival rate.

Knowing how his health concerns affect the stock price of Apple, Jobs has always been coy about his health, and he has been no less so this time around. He made the announcement during the Martin Luther jnr long weekend in the United States, which meant that the stock exchange was closed. Two years ago the company stock lost about 10 percent of its value after his health concerns were published.

Current COO Tim Cook is stepping up to take the reins while Jobs is on leave. Jobs has said he will still be CEO and be involved in strategic decisions, but the day-to-day running will be done by Cook. Investors will get a chance to talk to other Apple executives when the company announces its quarterly results on Wednesday.

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