Apple’s share price took an expected hit last week when Apple CEO Steve Jobs announced that he was taking a leave of absence from Apple to attend to an undisclosed medical condition. While Jobs will still remain involved in the company’s long-term and strategic decision making, the day to day CEO duties were left in the trusty hands of Tim Cook.
Though Apple is a enormous company with tens of thousands of employees, Steve Jobs is often looked upon as the face of Apple. That said, investors are apprehensive about Apple’s prospects for success without Jobs at the helm.
When Jobs took a leave of absence from Apple in January 2009, he informed employees that he’d be back in June. This time around, Jobs left his return date open-ended, prompting speculation that this was, perhaps, Jobs’ last hurrah as Apple CEO. While everyone of course wishes Jobs a speedy and healthy recovery, the following tidbit might serve to alleviate concerns about whether or not Jobs will return to Apple.
Citing persons familiar with the matter, Nasdaq reportedlast week that Steve Jobs is planning to maintain his position as a board member at Disney while he attends to his health. Jobs is currently Disney’s largest shareholder, on account of the 2006 acquisition of Pixar, and holds a 7% stake in the company.
Meanwhile, Apple shares have rebounded from the news of Jobs’ temporary departure and are now trading in the low $340 range.