Reasons are vague. No end-date given. COO Tim Cook will once again step in to run Apple.
Fasten your seatbelts, it’s going to be a bumpy ride on Wall Street.
The announcement, made on a business holiday the day before the company is expected to announce strong first-quarter earnings, will come as a shock to investors.
Although Jobs’ health problems are legendary — surgery to remove a cancerous tumor from his pancreas in 2004, a liver transplant nearly two years ago — he has seemed to be on a rebound. Since he returned from his last medical leave in the spring of 2009, he has been an increasing visible presence, both in his e-mail exchanges with users and on stage at press events.
But close observers of his public appearances note that his voice is hoarse, his weight less than it should be and that underneath his trademark jeans he wears long underwear, perhaps to maintain his body heat.
With COO Tim Cook running the show, Apple is in good hands. Each time he has stepped in for Jobs, the company’s performance — already pretty strong — has improved.
But that won’t stop speculators from punishing the stock when the market opens Tuesday.
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[Follow Philip Elmer-DeWitt on Twitter @philiped]