The CEO of Apple; Steve Jobs is set to take medical leave after he was diagnosed with a form of cancer. The CEO of the company has been running Apple for a number of years and has recently survived a rare pancreatic cancer. He is now set to take some time out from the company in order to aid this recovery from the disease.
The news that the CEO was actually taking time out from the company was done today, on a US public holiday which is thought to have been in order to stop share prices for the company form falling. The trading price of Apple in Frankfurt on Monday in after-hours actually fell by around $22 which is around 9% of the value of the company. Steve Jobs took a similar leave a couple of years ago and after which, the share price for Apple fell by around 10% on the US stock market.
It is unknown how long Steve Jobs will actually take leave for but whilst he is away, Tim Cook is expected to take over the day to day running of the company and this has caused major concerns for investors. Apple executives have not provided any information as to the reasons or the length of absence that Steve Jobs is expecting from Apple but it is thought that it could be quite some time. Tim Cook has been with the company for a number of years and it is expected to do just fine.