Steven P. Jobs, the co-founder and chief executive of Apple, is taking a medical leave of absence, raising serious questions about his health and whether he would ever return to lead Apple, the world's most valuable technology company.
Mr. Jobs, who is 55, announced his leave on Monday in a letter to employees that said he was stepping aside "so I can focus on my health" but that he would continue to be involved in major strategic decisions at the company.
The paucity of details and Apple's history of "minimal disclosure" and "obfuscating" details about Mr. Jobs's health frightened some investors, said Charles Wolf, an analyst with Needham.
Apple's stock immediately slid on foreign exchanges Monday, falling more than 6 percent in Germany. Financial markets in the United States were closed for the observance of Martin Luther King's Birthday.
"It is natural that investors will expect the worse," Mr. Wolf said.
In his letter to employees, made public by Apple, Mr. Jobs wrote only that he hoped "to be back as soon as I can."
Mr. Jobs wrote that as during his previous medical leave in 2009, during which he had a liver transplant, Timothy D. Cook, the company's chief operating officer, would run day-to-day operations.
Unlike his previous leave, when Apple said Mr. Jobs would be gone for six months, this time Mr. Jobs did not say how long he expected to be out. Analysts said the leave raised questions as to whether Mr. Jobs -- who recovered from pancreatic cancer after surgery in 2004 but has continued to beset by health problems -- would come back to lead Apple. "It raises the bigger question about whether he'll ever return," said Toni Sacconaghi Jr., an analyst with Sanford C. Bernstein.
Mr. Jobs suffers from immune system issues common with people who have received liver transplants and, as a result, his health suffers from frequent "ups and downs," according to a person with knowledge of the situation, who agreed to speak on condition of anonymity because he was not authorized to discuss it.
In recent weeks, Mr. Jobs began a down cycle and slowed his activities at Apple, the person said. Mr. Jobs has been coming to the office about two days a week, and appeared increasingly emaciated, the person said. He frequently lunched in his office, rather than in the company cafeteria, the person said.
An Apple spokeswoman, Katie Cotton, said Apple would have no further comment beyond Mr. Jobs's statement.
Perhaps more than any other chief executive, Mr. Jobs is seen as vital to his company's success. He is known for his hands-on management style and his obsessive attention to the most minute details of Apple's products. He is also credited with anticipating the needs of consumers time and again, leading Apple to create a string of groundbreaking products like the iPod, the iPhone and the iPad.
"He may be the most vital C.E.O. of our era," said Michael Useem, a professor at the Wharton School at the University of Pennsylvania and director of its Center for Leadership and Change Management.
During his previous leave of absence, Apple kept details of Mr. Jobs's health private, prompting criticism among some shareholders who contended that the company had an obligation to be more forthcoming with information.
While on his previous medical leave, which began in January 2009, Mr. Jobs secretly flew to Tennessee for a liver transplant. In June 2009, Apple said Mr. Jobs was back at work, and he reappeared in public for the first time that September. While he was energetic and exhibited his unique brand of salesmanship as he introduced new products during 90-minute event, he continued to look gaunt. Since then, Mr. Jobs has headlined a string of product introductions, including the iPhone 4 and the iPad and a new line of MacBook Air laptops, where he was equally energetic and focused, but still looked frail.
At one such event in July 2010, a reporter asked Mr. Jobs about his health, and he replied, "I'm feeling great."
In recent months, he has looked increasingly frail, according to people who have seen him.
In his message to the staff on Monday, Mr. Jobs said, "My family and I would deeply appreciate respect for our privacy."
Mr. Jobs is going on leave at a critical time for Apple. While the company has outflanked most of its rivals in the technology industry, it is also facing ever more intense competition from giants like Google, Microsoft and Samsung. Some of those rivals have narrowed Apple's lead or even surpassed the company by some measures.
In the smartphone market, where models powered by Google's Android software recently began outselling the iPhone in the United States. Some analysts said the rise of Android led to Apple's recent decision to begin offering the iPhone on Verizon Wireless starting next month, ending more than three years of exclusivity on AT&T.
Apple also faces sharper competition in tablet computers. The iPad became an instant hit with consumers. But less than a year later, Samsung, Research In Motion and others have introduced or announced a string of credible competitors.
Analysts said that during Mr. Jobs's 2009 leave, Mr. Cook successfully steered the company as it developed critical products like the iPhone 4 and the iPad. "Last time, Tim elevated his status with shareholders and employees," Mr. Sacconaghi said. "The company did very well in Steve's absence and various constituencies were pleased with that."
Mr. Wolf, with Needham, said that regardless of whether Mr. Jobs returns to Apple, the company would probably continue doing well for the foreseeable future, though its long-term prospects are a matter of speculation.
"Right now Apple has a management team that is one of the greatest in American business," Mr. Wolf said. "Whatever trajectory the company is on will continue for two to five years, regardless of whether Steve comes back."
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