Money | Apple Steve Jobs to Take Medical Leave of Absence Tim Cook to take over operations By Kevin Spak Posted Jan 17, 2011 8:13 AM CST Copied Apple CEO Steve Jobs speaks at an Apple event at Apple headquarters in Cupertino, Calif., Wednesday, Oct. 20, 2010. (AP Photo/Tony Avelar) Apple's board has granted Steve Jobs a medical leave of absence, the company announced today. Jobs promised that he would "continue as CEO and be involved in major strategic decisions for the company," but Chief Operating Officer Tim Cook will take over the company's day-to-day operations. Cook has filled in for Jobs before, with decent results, but investors weren't reassured; within minutes of the announcement, Apple stock had fallen 4.5% in trading in Frankfurt, according to Reuters. Read These Next A family hike took a tragic turn in Arkansas on Saturday. White House makes Hegseth put his polygraph away. A new book argues the Sacagawea legend is all wrong. US denies visas to Venezuelan team bound for Little League tournament. Report an error