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Jobs' Health Not Private: CEO Had Surgery but No Recurrence of Cancer, says NYT

Posted Jul 23, 2008 10:54am EDT by Aaron Task in Investing, Electronics, Newsmakers

Despite Apple's claims to the contrary, Steve Jobs' health is not a "private matter."

That fact has been on display again this week as rumors about Jobs' health continued to circulate. In the wake of those rumors and various reports in other news outlets, the New York Times reports Wednesday that Jobs "had a surgical procedure this year to address a problem that was contributing to a loss of weight."

The good news is that Jobs does not have a recurrence of cancer, according to the Times, although the recent weight loss problems are likely a result of the surgery he had four years ago to treat pancreatic cancer.

The problem is that Apple has once again failed to give full disclosure on the health of its CEO: Back in 2004, Apple didn't disclose Jobs' cancer until months after his operation. In the wake of today's story in the Times -- about which Apple declined to comment -- the company's explanation that Jobs was suffering from a "common bug" ahead of the developers conference now seems less credible (even if it proves accurate).

Apple can't get into a habit of commenting on Jobs health on a daily basis, but the bottom line is his health is clearly a "material event" for shareholders.

As I wrote Monday, Jobs is arguably the most important corporate CEO in America today in terms of value to the company he leads; even as Apple's long-term future looks very bright, there's risk for shareholders if he were to step down, for whatever reason.

67 Comments

E Benficio
E Benficio - Wednesday July 23, 2008 11:22AM EDT

Just glad he's cancer-free. The rest is just b.s. and matters nothing in the grand scheme of things.

Rob
Rob - Wednesday July 23, 2008 11:37AM EDT

Great report guys, thanks for the update.

John
John - Wednesday July 23, 2008 11:38AM EDT

Sold all my stock at 179 and change. Won't return until succession plan worthy of Apple in place. Apple's refusal to clearly deal with this issue is a confirmation of a problem.

Yahoo! Finance User
Yahoo! Finance User - Wednesday July 23, 2008 11:38AM EDT

This is ridicules. Steve's health IS his business. Furthermore, Steve stepping down would have an effect but not an immediate one. Considering how short term the analysts are now days I think the assertion that Steve's health is an immediate concern is bogus. If Steve stepped down today that might effect the stock in the years to come not quarters. It is not readily clear that Steve is the only person that can drive Apple.

Yahoo! Finance User
Yahoo! Finance User - Wednesday July 23, 2008 11:39AM EDT

Do some more research on pancreatic cancer - it has a high rate of recurrence and weight loss is not a good sign. I do not believe that current weight loss is attributed from a surgery 4 years ago! Come on people, he is fighting it again and from losing my father to this disease, it is obvious. Please see www.pancan.org for more information.

Yahoo! Finance User
Yahoo! Finance User - Wednesday July 23, 2008 11:40AM EDT

I think they would be better off working on an ascendency plan than bothering to answer these rumors. The truth is, Jobs is entitled to some privacy regarding personal matters, like his health. Better to advise the investor community how Aapl would go forward without him.

GRace
GRace - Wednesday July 23, 2008 11:41AM EDT

as an investor in apple i don't think it is anybody's right to keep hunting mr Job' of his health and add more stress to good person. he is doing an excelent job for the company so just leave him alone and pray for his continued recovery.

Peter
Peter - Wednesday July 23, 2008 11:48AM EDT

Jobs is not just material to the company and its shareholders. He is material to the tech and music industries and should almost be considered a national treasure.

Chris, Chrissy
Chris, Chrissy - Wednesday July 23, 2008 11:50AM EDT

It's interesting what people choose to do for a living---what a bunch of Ooorks.

david
david - Wednesday July 23, 2008 11:51AM EDT

When I saw a sickly looking Steve Jobs at the last Keynote I sold 730 shares (60% of my holdings). I am always a buy and hold investor and don't do knee jerk reactions to the market. I say that the single biggest risk, and only risk, is Steve Jobs health to the success of Apple. I also have many Apple products and for the 1st time see a horrible product transition from .mac to Mobile Me with out any acknowledgment of the real issues from Apple. Something seems fishy.... Very unlike Apple. (besides I needed to redo my bathrooms anyway)

DanM
DanM - Wednesday July 23, 2008 11:54AM EDT

To the guy who supposedly lost his dad to pancreatic cancer - do some research, yourself. There are different forms, Steve's was the kind that was curable with a massive surgical procedure that will leave him with difficulty digesting food for the rest of his life, hence he will always look thin. Stop spreading FUD on this forum!

Karl Zachar
Karl Zachar - Wednesday July 23, 2008 11:58AM EDT

Amazing that everyone is focused on Jobs' health, and no one is talking about the conservative margin guidance given by the company on teh conference call. Apple's IR department could not have asked for a better outcome.

Techgoose
Techgoose - Wednesday July 23, 2008 12:03PM EDT

This notion, posed by the authors in the video, of having hedge fund managers pay "stock goons" to go trail SJ as he drives around in his car "to see if he's going to the doctor" is One Step Beyond. Sure, stockholders have an "interest" in knowing if Steve will continue to drive Apple or not, but one has to draw a line somewhere. Will we next audit Steve's breakfast choices to see if they have too much sodium?? The one thing that surfaces from this whole dialogue for me is, Apple does have a "fiduciary duty" to articulate some kind of succession plan, even if somewhat vague. This is just plain responsible, like having a will and a life insurance policy for your family. Perhaps this weeks' bru-ha-ha will prompt the Apple board to produce a public document outlining a plan.

kyu wang
kyu wang - Wednesday July 23, 2008 12:06PM EDT

Steve is 62 years old, in 3 years of in 8 yrs, max, he'd be retired anyway. So do not treat him as a forever lasting super something. To some extent, his health is private matter, you know again, he is a human being. He should and all of us should be proud of what AAPL has accomplished, "an envy of the wrold". Thank you.

Thomas T
Thomas T - Wednesday July 23, 2008 12:19PM EDT

the part is not greater than the whole---when walt disney passed the disney stock increased --the reason that there would be more calculated business chances---if you think apple products are good as a result of a jobs decision ---then i ask what about jobs decision on the employing of all his top people that are trained in jobs thinking who do the work for him ---is there not a layer of strong confidence in their ability ---Jobs hired them !!!!

Yahoo! Finance User
Yahoo! Finance User - Wednesday July 23, 2008 12:30PM EDT

WHO THE HELL CARES?!? Some guy from an abusive and intrusive company had a chance to experience "the best healthcare in the world"... is this news worthy?

Yahoo! Finance User
Yahoo! Finance User - Wednesday July 23, 2008 12:33PM EDT

WHO CARES?!?

George J
George J - Wednesday July 23, 2008 12:46PM EDT

As a survivor of esophageal cancer and as a former 185 lb person that now weighs 140, I can say from experience that weight loss is an issue I must constantly pay attention to. My doctor said I would never gain an ounce after the surgery that removed my cancerous esophagus, and that eating multiple meals a day was essential to maintaining proper weight and good health. I am sure Steve is wrestling with the same issues, and with his busy schedule likely has not been able to keep things in balance the way he should have. Great news that there is no cancer and that he plans to continue guiding Apple! Nice report guys.

Yahoo! Finance User
Yahoo! Finance User - Wednesday July 23, 2008 12:47PM EDT

btw - he is only 53 -- not 62

JOE
JOE - Wednesday July 23, 2008 12:52PM EDT

I can see why SJ's health is an issue to the company and the stockholders, he has over the years made this company what it is today but it is also a very personal matter and should be treated as such. He has become a public figure and therefore is not going to get the same treatment that Joe Blow would get and that is truly a shame, this may be a trying time in his life so maybe we should all lighten up a little and give him space.

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