Stocks fall in Germany on news of Jobs's leave from Apple
Apple announced Monday morning that Apple's chief executive, Steve Jobs, will take a medical leave of absence and hand the reins of the company over to chief operating officer Tim Cook.
Jobs is a survivor of pancreatic cancer, and perceptions of his health are closely tied to his company's health. Stocks fell when Jobs announced he had pancreatic cancer; Apple stock rose 4 percent in January 2009, after Jobs allayed concerns over his sudden weight loss.
According to the New York Times, Apple stock prices in Germany fell immediately after Jobs's announcement Monday morning.
Jobs told a reporter in July that he felt great, after presenting a series of high-profile product and software releases. But his frail appearance and concerns about his health have plagued the CEO.
Cook has run Apple in Jobs's stead twice before -- once in 2009 and once in 2004. Both times, he was taking over for Jobs while the CEO was on medical leave.
The following is an e-mail Jobs sent to Apple employees:
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.
| January 17, 2011; 11:00 AM ET
Categories: Apple, Mac
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