Jobs goes on medical leave of absence

Apple Inc founder and CEO Steve Jobs yesterday sent a note to employees, saying he's taking a medical leave of absence so he can focus on his health.

He said he will continue as CEO and be involved in major decisions but has asked Chief Operating Officer Tim Cook to be responsible for all day-to-day operations.

Apple shares fell as much as 8.3 percent on the Frankfurt Stock Exchange following the news. Yesterday was a holiday in the United States, and markets were closed there.

Jobs said he loves Apple and hopes to be back soon, but he did not say for how long he will be on leave.

Jobs had stepped away from his duties in January 2009 for health reasons, although he remained involved in major strategic decisions. Cook took over day-to-day operations then too. Jobs, a pancreatic cancer survivor, underwent a liver transplant while on leave, returning to the company in late June 2009.

It was Cook's second stint leading Apple. Cook, who joined Apple in 1998, ran the California-based company for two months in 2004 while Jobs recovered from surgery for pancreatic cancer. His performance then won him the promotion to chief operating officer in 2005.

Analysts credit Cook with solving problems that Apple was having with inventory management. Many people consider Cook as Jobs' logical successor.