Breaking News: Steve Jobs out for 5 months
Breaking news this morning as I just woke up. Apple CEO Steve Jobs announced that he was taking a five month sick leave and handing over his roles to COO Tim Cook.
Back in December Apple announced its final year at Macworld Expo and that Phil Schiller was going to do the keynote speech, traditionally done by Steve Jobs every year since 1997. This sparked a flurry of speculation over his health and Apple's stock took a beating but at that moment was unfounded.
Last week's letter from Jobs explained that he decided against preparing for Macworld Expo to spend more time with the family but he also said,
I will be the first one to step up and tell our Board of Directors if I can no longer continue to fulfill my duties as Apple's CEO. I hope the Apple community will support me in my recovery and know that I will always put what is best for Apple first
This morning Apple stock was halted suddenly at $85.33 and within moments news broke that Jobs was taking a medical leave until June stunning the technology world and shareholders. Subsequently Apple released yet another letter from Jobs outlining his decision after it was distributed among Apple employees.
In order to take myself out of the limelight and focus on my health, and to allow everyone at Apple to focus on delivering extraordinary products, I have decided to take a medical leave of absence until the end of June.
Previously Jobs handed over the reigns to Cook for one month back in 2004 when he underwent surgery to treat a rare form of curable pancreatic cancer and canceled his keynote speech at Apple Expo Paris one year later.
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