Apple CEO Steve Jobs announced today that he would be taking his second medical leave in three years to focus on his health. Jobs is not relinquishing the title of CEO. COO Tim Cook will take over operations of Apple. Reuters reported that Apple shares fell 8.3 percent in Frankfurt by 10 am, just hours after the announcement.
Steve Jobs made the announcement in a letter to employees that was also released on Business Wire. It reads:
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.
Reuters also quoted analysts as saying “the effect on Apple’s operations should be limited in the short term, since its product line-up was strong, but his absence would be a worry if it became prolonged.”