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Apple CEO received liver transplant
By Gabriel Madway |
June 22, 2009, Monday
|
Print Edition
Print Edition
APPLE Inc Chief Executive Steve Jobs underwent a liver transplant operation about two months ago and is expected to return to work by the end of June, The Wall Street Journal reported on Saturday.
Jobs, a pancreatic-cancer survivor seen as the driving force behind the development of the iPod, °?iPhone and other category-defining products from Apple's famed innovation machine, went on medical leave in January for an undisclosed condition.
A spokesman for Apple would not confirm the Journal report but said, "Steve continues to look forward to returning to Apple at the end of June and there is nothing further to say."
While investors may react negatively to the news, analysts say Wall Street is broadly prepared for Jobs's shift to a role that sees him focusing on big-picture ideas and products at Apple.
Chief Operating Officer Tim Cook has been managing the company on a day-to-day basis in Jobs's absence, and is expected to continue to do so if Jobs does not return to the role full-time, analysts say.
The Journal, citing an unnamed source, said 54-year-old Jobs may return to work part-time at first, with Cook taking on "a more encompassing role."
"The situation seems a lot more complex than it originally appeared," said Collins Stewart analyst Ashok Kumar. "Investors tend to react negatively to uncertainty, especially when it concerns an individual who's had a larger-than-life impact."
Others said investors were aware of the risk surrounding Jobs and that it had been factored into Apple's share price.
The technology firm's stock fell after Jobs went on medical leave but is up around 60 percent this year, thanks to continued strong sales and new products, including the latest iPhone 3G S, which debuted on Friday.
Erick Maronak, chief investment officer for the Victory Large Cap Growth Fund, which owns Apple shares, said investors are less concerned than in the past because other executives had stepped to the forefront in Jobs's absence.
Core operations
"I think people are beginning to focus on core operations ... I don't think he's as important in terms of near-term volatility," Maronak said.
Apple has been dogged for months by rumors about Jobs's health. In 2004, he was treated for a rare type of pancreatic cancer called an islet-cell, or neuroendocrine, tumor. These tumors usually grow slowly and are far less deadly than other types of pancreatic tumors. Jobs' gaunt appearance at an Apple event in the summer of 2008 touched off speculation about his health, which was fueled by the Apple blogs and fans that follow his every move.
In January, Jobs said his weight loss was due to a hormone imbalance and he would continue as CEO while being treated. Nine days later, he announced his medical leave, saying his health issues were "more complex" than previously thought.
Pancreatic cancer often spreads to the liver, compromising the vital organ's functioning, but it is not clear if Jobs may have received a transplant for that reason.
Some shareholders in the past have complained about Apple's lack of disclosure about Jobs' health.
Legal experts say there is usually no responsibility on a company's part to disclose a CEO's health status.
Jobs, a pancreatic-cancer survivor seen as the driving force behind the development of the iPod, °?iPhone and other category-defining products from Apple's famed innovation machine, went on medical leave in January for an undisclosed condition.
A spokesman for Apple would not confirm the Journal report but said, "Steve continues to look forward to returning to Apple at the end of June and there is nothing further to say."
While investors may react negatively to the news, analysts say Wall Street is broadly prepared for Jobs's shift to a role that sees him focusing on big-picture ideas and products at Apple.
Chief Operating Officer Tim Cook has been managing the company on a day-to-day basis in Jobs's absence, and is expected to continue to do so if Jobs does not return to the role full-time, analysts say.
The Journal, citing an unnamed source, said 54-year-old Jobs may return to work part-time at first, with Cook taking on "a more encompassing role."
"The situation seems a lot more complex than it originally appeared," said Collins Stewart analyst Ashok Kumar. "Investors tend to react negatively to uncertainty, especially when it concerns an individual who's had a larger-than-life impact."
Others said investors were aware of the risk surrounding Jobs and that it had been factored into Apple's share price.
The technology firm's stock fell after Jobs went on medical leave but is up around 60 percent this year, thanks to continued strong sales and new products, including the latest iPhone 3G S, which debuted on Friday.
Erick Maronak, chief investment officer for the Victory Large Cap Growth Fund, which owns Apple shares, said investors are less concerned than in the past because other executives had stepped to the forefront in Jobs's absence.
Core operations
"I think people are beginning to focus on core operations ... I don't think he's as important in terms of near-term volatility," Maronak said.
Apple has been dogged for months by rumors about Jobs's health. In 2004, he was treated for a rare type of pancreatic cancer called an islet-cell, or neuroendocrine, tumor. These tumors usually grow slowly and are far less deadly than other types of pancreatic tumors. Jobs' gaunt appearance at an Apple event in the summer of 2008 touched off speculation about his health, which was fueled by the Apple blogs and fans that follow his every move.
In January, Jobs said his weight loss was due to a hormone imbalance and he would continue as CEO while being treated. Nine days later, he announced his medical leave, saying his health issues were "more complex" than previously thought.
Pancreatic cancer often spreads to the liver, compromising the vital organ's functioning, but it is not clear if Jobs may have received a transplant for that reason.
Some shareholders in the past have complained about Apple's lack of disclosure about Jobs' health.
Legal experts say there is usually no responsibility on a company's part to disclose a CEO's health status.
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