Whether or not you think that Apple’s celebrity CEO Steve Jobs’ health should be a matter of public concern, the company’s stock price seems to be intrinsically linked to his heart rate. That’s why Apple stock took a dive of about 10% in 14 minutes last night, following the disclosure that Jobs will be stepping down as CEO for medical reasons until June. Tim Cook will be taking on Apple’s day-to-day running in the meantime.
I’m on the fence about this one. On the one hand, it’s ridiculous to think that Apple’s fortunes are the sole result of one man, and his absence will tumble the company into ruin. On the other hand, though, Jobs rules the company with an iron fist, and his absence will leave a big hole in the company’s management. It’s going to be an interesting six months, that’s for sure.
Apple Media Advisory (via Silicon Alley Insider)