Apple: What we do & don’t know

Apple chief executive Steve Jobs is sick enough that he needs to take a six-month leave of absence leaving many an analyst and investor question unanswered.

This much we know. There’s a lot more left unclear after yesterday’s announcement that Jobs has once again been felled by an unnamed ailment leaving him more or less out of commission until the end of June. The company said Jobs will keep his hand involved in strategic decisions.

Take the more obvious questions for example:

1. What is the nature of Jobs’ illness?
2. Is the reason for his medical leave related to his hormone imbalance?
3. Is it pancreatic cancer which he was treated for five years ago?
4. Is there a succession plan in place? One can only assume that’s the case.
5. Who’s Jobs’ permanent successor if his medical condition(s) worsen?

The answers, of course, are difficult at best to answer for everyone except those that are closest to Steve Jobs and his medical records. or the company’s senior leadership team.

Here’s what we do know:

• Lawsuits. Expect Apple to be hit at least one class-action lawsuit in the not-too distant future. Shareholders the world round are looking to vent their frustrations of the past year or so out on someone or some company. Some may feel Apple hasn’t disclosed enough information to date. There’s a cottage industry of lawyers in the U.S. that’ll be more than happy to help litigious Apple shareholders vent their frustrations in court. Most of these lawsuits are either settled out of court so the inevitable class-action lawsuit won’t affect the company’s performance in any measurable way.
• Apple’s succession plan is now officially an issue (again). It’s a topic Apple has tried to push under the rug for some time. I believe the last comment on the matter from the company was something to the effect of: “We’ll announce something, when we need to.” I have no doubt a succession plan has been created by Apple’s senior management and its board. Apple could, however, assuage the nerves of many a jittery investor, customer and company watcher if it was to provide (some) details of that plan.
• Tim Cook seems to be the heir apparent to Steve Jobs. The company’s chief operating officer will run the company until Jobs returns to his throne. This is Cook’s second stint as acting CEO. In 2004, he took the helm for month when Jobs was treated for a form of pancreatic cancer. Apple is undoubtedly full of skilled executives but Cook’s operational experience and steady hand seems to have landed him the role of successor to Jobs should a worst-case scenario need to be implemented.
• Apple, however, is still very much on a roll. The company’s results have been stellar of late. Will Job’s absence affect product development? Too little is known about the decision-making process inside Apple to answer that question.
• Jim Goldman of CNBC and Dan Lyons, a Newsweek editor, really, really don’t like each other. Anyone catch the nasty exchange between these two on CNBC Wed. evening? I’m not sure I’ve ever seen two people argue so vociferously on-air. Lyons, best known for his hilarious Fake Steve Jobs blog, attacked Goldman last night in a special report on Apple’s announcement yesterday. Specifically, he accused Goldman of being “punked” by the company for reporting that Job was in OK health some time ago and that the company’s Macworld pullout had nothing to do with his health.

UPDATE: Doctors interviewed by Bloomberg News say Steve Jobs may have to have his pancreas removed as part of his ongoing medical condition. Just last week Jobs said the treatment to cure his unnamed condition should be “simple and straightforward.”
[tags] Apple, Steve Jobs, Tim Cook, CNBC, Fake Steve Jobs [/tags]