Steve Jobs emailed Apple employees this morning to notify them that he would be taking a medical leave of absence, and COO Tim Cook would take over day-to-day operations. According to BusinessWire, the email read:
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.
The co-founder and CEO of Apple has struggled with health issues for the past couple of years and received a liver transplant in 2009.
After the announcement, the price of Apple's stock fell immediately.