Steve Jobs Taking Medical Leave

Apple boss Steve Jobs is taking an indefinite medical leave of absence.

During his absence, day-to-day control of the company will be in the hands of Chief Operating Officer Tim Cook. Jobs will retain the title of CEO and said in a letter to employees that he will be involved in “major strategic decisions” for the company.

This is the second time Jobs has taken time off for health concerns, but this is the first time without a timetable for his return.

In January 2009 he took leave and returned the following June after undergoing a liver transplant. Jobs was treated for pancreatic cancer in 2004.

Many speculators believe he chose today to share the news because the U.S. stock market is closed for the MLK holiday, and the announcement would likely have a negative impact on Apple stock.

More here.

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Sarah Skates has worked in the music business for more than a decade and is a longtime contributor to MusicRow.

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