Apple's Jobs to Take Medical Leave

Updated from 5:38 p.m. EST

Apple (AAPL Quote) said Wednesday that CEO Steve Jobs will take a medical leave of absence from the iPhone and Macintosh maker until the end of June.

The company released a letter from Jobs after the market closed and said Chief Operating Officer Tim Cook will be responsible for Apple's day-to-day operations while Jobs is away.

Jobs said in his letter that "the curiosity over my personal health continues to be a distraction not only for me and my family, but everyone else at Apple as well. In addition, during the past week I have learned that my health-related issues are more complex than I originally thought."

For months, Apple investors have been worried about Jobs' health. He had pancreatic cancer in 2004, and last year he appeared thin in public appearances. That led to continuing speculation about his wellness.

In an effort to finally answer questions about his health, Jobs earlier this month said a hormone imbalance had led to his weight loss last year. Now though, just days later, he says he'll step aside, at least for the next few months.

Shares of Apple were halted in late trading, but when they reopened, they fell 10% almost immediately. Apple shares closed regular trading at $85.33, down 2.7% on the day.

"I am surprised, but I am not shocked. There were indications that this might happen," says Ezra Gottheil, an analyst at Technology Business Research. "My conclusion is that the company is well situated to endure Jobs' absence, even his departure."