Steve Jobs to Take Medical Leave of Absence From Apple

If you own Apple stock, get ready for the value of your shares to plummet.

It was announced today that Apple CEO Steve Jobs has been granted a medical leave of absence. He will be taking time off to focus on his health, the company said.

Jobs will remain the CEO of Apple, but COO Tim Cook will temporarily take over the day-to-day operations of the immensely popular tech company.

For several years, there have been rumors that Jobs’ health is failing. We still don’t know precisely what’s wrong with him (and he deserves his privacy on the matter), but this is essentially proof that he is battling some kind of illness.

This news comes at a time when Apple is riding high off of the recent announcement that the iPhone is coming to Verizon and amidst rumors that the iPad 2 will be announced in the near future.

Jobs sent the following email to Apple employees:

Team,

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 Appleā€™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.

Steve

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