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Wednesday, January 14, 2009

Text of Steve Jobs’s Medical Leave Letter to Apple Employees

Last week Apple’s (AAPL Charts) co-founder and chief executive Steve Jobs told the media that he was being treated for a hormone problem which was responsible for his sudden weight loss. Today he admitted the problem was much worse than he thought and told his employees in a letter that he would take a leave of absence through June in order to focus on his health. Here is the text of his letter as released by Apple.

I am sure all of you saw my letter last week sharing something very personal with the Apple community. Unfortunately, the curiosity over my personal health continues to be a distraction not only for me and my family, but everyone else at Apple as well. In addition, during the past week I have learned that my health-related issues are more complex than I originally thought.

In order to take myself out of the limelight and focus on my health, and to allow everyone at Apple to focus on delivering extraordinary products, I have decided to take a medical leave of absence until the end of June.

I have asked Tim Cook to be responsible for Apple’s day to day operations, and I know he and the rest of the executive management team will do a great job. As CEO, I plan to remain involved in major strategic decisions while I am out. Our board of directors fully supports this plan.

I look forward to seeing all of you this summer.

Some "unnamed Apple Insiders" had reported that Steve Jobs was in complete denial about the severity of his condition so this is a good thing for him to take time to deal with his health. Hopefully, his cancer does not return and he can return as planned in the summer.

AAPL Charts

Intraday Chart for Apple Inc (NASDAQ)

In after hours trading, Apple was down $6.03 to $79.30 after closing the day at $85.33.

Day's Range:$84.72 - $87.25
52wk Range:$79.14 - $192.24

Projected Earnings (E) as of:
Cash/ share Current
5 Yr
FY (Sept) 2009 Low Earnings (E) = $3.70 $27.55 23.1 1.2
FY (Sept) 2009 Avg. Earnings (E) = $5.05 $27.55 16.9 0.9
FY (Sept) 2009 High Earnings (E) = $5.67 $27.55 15.0 0.8
FY (Sept) 2010 Low Earnings (E) = $4.66 $27.55 18.3 0.9
FY (Sept) 2010 Avg. Earnings (E) = $6.05 $27.55 14.1 0.7
FY (Sept) 2010 High Earnings (E) = $7.93 $27.55 10.8 0.6
Next Earnings Date 01/21/09

More AAPL Charts

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