Steve Jobs today announced his third medical leave to be able to focus on his health. Six sentences were enough to calm Apple supporters and the financial community, as we are awaiting another round of speculation whether Steve Jobs has done enough for the company he co-founded and whether Apple can survive without Jobs.
It is a note that appears to have been made almost in passing by, yet the importance is significant. Jobs told his “team”, not the press and not investors, that he is taking a medical leave. It is the third leave following some time out in 2004 and the first half of 2009, when he received a liver transplant. Jobs was said to have defeated pancreatic cancer. This leave will spark new conversations about Jobs’ health as you don’t take a medical leave and hand your day-to-day business to someone else (in this case Tim Cook) when you have a sore throat.
Jobs requested his “team” to respect his privacy during his leave. That, of course, is a request that only goes so far as Jobs persona is uniquely tied to the perception and success of Apple. If there is a serious issue that may prevent him from running and representing the company, and possibly force him to step down, then investors will demand to be informed. The 55-year old Jobs noted that he “loves” Apple and will be back as soon as he can. So far, the stock has not been impacted by any concerns and traded around $348, giving Apple a new record market cap of more than $321 billion.
I have no idea how sick Jobs is and hope for him and his family that receives appropriate treatment to get well. However, Jobs and his family may have thoughts about stepping down to an advisor role, especially since the stock has shown little impact. If Jobs stepped down, the industry will lose another great visionary, but whether we like or dislike Jobs, it would be more than understood if he decided that his health and his family come first.
Interpreting the brief press release as well as the dependency of Apple today, there is little doubt that investors still hold Jobs hostage as far as his relationship is concerned. Perhaps it is time to at least change Jobs’ perception as being Apple and introduce new faces in Apple’s leadership that can follow in Jobs footsteps – even if that may be impossible. As long as Steve Jobs is directly tied to Apple’s financial success, investors have a clear interest in Jobs’ health. If Steve Ballmer cannot leave Bill Gates’ shadow, the successor of Apple may be in a position that is set up for failure by default.
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