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Posted at 11:00 AM ET, 01/17/2011

Stocks fall in Germany on news of Jobs's leave from Apple

By Hayley Tsukayama

steve-jobs.jpg

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:

Team,

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.

Steve

By Hayley Tsukayama  | January 17, 2011; 11:00 AM ET
Categories:  Apple, Mac  
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Next: What we do and don't need to know about Steve Jobs's medical leave

Comments

I assume those are the "reins" he's handing over, although his "reign" at the helm is temporarily (we hope) on hold.

Posted by: richbham | January 17, 2011 11:22 AM | Report abuse

Clown can't spell, clowns don't edit. Now we see the stuff the great Nixon-slayer is truly made of.

Posted by: lbjack | January 17, 2011 11:43 AM | Report abuse

Hey! Easy there, jack. You think it's easy copying and pasting from the New York Times Web site?

Posted by: member8 | January 17, 2011 1:47 PM | Report abuse

AAPL value increased 60% during Steve Jobs last leave of absence, earnings tomorrow will likely blow away the most optimistic analyst expectations, and the iPhone comes to VZ in Feb? Only fools and day traders would sell now, let 'em pay their taxes, our nation needs the tax revenue from all that knee-jerk selling and computer-driven trading. Serious Apple investors like me that have been buying shares for the last ten years relish any opportunity to buy more AAPL shares during these senseless dips.

Posted by: thw2001 | January 17, 2011 8:49 PM | Report abuse

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