Tuesday, January 18, 2011
Steve Jobs of Apple is taking another medical leave but not giving up his post as CEO. The last time he did this, he did not tell anyone why he had stepped away, and he had a liver transplant -- a serious and life-threatening operation. He owed at least investors an explanation for his absence. Jobs is so closely identified with the success of Apple that his departure would affect it deeply. His physical condition is a material consideration for investors. Maybe this time he will keep people apprised of his condition, but I wouldn't bet on it. I wondered last time and probably will again this time why the Securities and Exchange Commission hasn't investigated his failure to divulge publicly how he is doing. I wouldn't be surprised if Apple's shares fall today.