Apple's Jobs takes medical leave

By Gabriel Madway

SAN FRANCISCO (Reuters) - Apple Inc chief and tech visionary Steve Jobs will take a leave of absence till end-June because of health problems "more complex" than thought, backtracking on reassurances, stunning investors and sending its shares skidding 10 percent on Wednesday.

Jobs, a pancreatic cancer survivor, dropped his bombshell in a cryptic announcement on Wednesday -- only nine days after he soothed jumpy investors somewhat by saying his dramatic weight loss over the past seven months was due to an easily treatable hormone imbalance. He had promised to remain at the helm throughout his treatment.

Wednesday's revelation, which contained scant detail on Jobs health, comes at a difficult time for the company behind iPod media players and iPhones but now grappling with a slowing product line, rapidly worsening consumer spending and an uncertain succession plan.

Jobs, 53, vowed to remain involved in major strategic decisions while he's away. Chief Operating Officer Tim Cook will take over day-to-day operations in what experts say could be a dress rehearsal for a more permanent CEO performance.

It will be a familiar role for Cook, who stepped in to run the company in 2004, when Jobs sought treatment for cancer.

"Unfortunately, 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," Jobs said in a letter to employees that was released by the company.

Analysts were divided over the longer term impact were Jobs to take himself out of the equation. Some were confident a successor will rise from within Apple's ranks, others lamented the loss of the firm's helmsman and inspiration.

"It's the classic blind man feeling around the elephant. We are all dealing on partial information," said Collins Stewart LLC analyst Ashok Kumar.