Jobs Announces Six Months Sabbatical From Apple; Shares Fall By 7 Percent Pre-Market

Steve Jobs, Apple's iconic Co-Founder and current CEO, has announced that he is taking a six months sabbatical leave from the company after having found that his health problems were more "complex" than initially thought.

Ten days ago, Steve Jobs came forth and published an open letter, shedding light on the ongoing health issues he had and how he was planning to tackle them. At that time, Steve Jobs said that he was suffering from a "hormone imbalance" that caused him to lose weight.

The hormone imbalance, some doctors have said, is a direct consequence of the pancreatic cancer back in 2004 and there are fears that Steve Jobs health will have a direct impact on the company's forecasts and shares price.

Jobs sent an email to all Apple staff saying that Tim Cook will be "responsible for Apple’s day to day operations". Steve Jobs said that he plans to remain involved in major strategic decisions while he's off sick, adding that he will be back in the summer. Cook, who is the company's COO, replaced Jobs four years ago when he underwent cancer treatment.

In Pre-market transactions, Apple lost a whopping 7.2 percent at the time of writing, putting its cumulative losses over the past day or so at around 10.0 percent. The company's shares is hovering at around the $80 barrier, its lowest for more than 2 years.

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Our Comments

Is there a Post-Jobs? Few know about the level of dedication of Steve Jobs in running day to day business of Apple. The charisma of Jobs is both good and bad for the company. Apple has failed before with a weak CEO (remember Sculley and Gassée)?

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