Apple board obligated to disclose material changes in Jobs' health

[AppleInsider]

Investment bank Piper Jaffray is assuring Apple investors Friday that the company's leadership would be required to disclose in a timely fashion any changes that would prevent Steve Jobs from maintaining his role as chief executive.

"We believe Steve Jobs commands attention from investors given his high profile as founder of the company and his hands-on approach to Apple's products," wrote analyst Gene Munster. "As such, we believe that Apple's board has a responsibility to disclose any changes that may impede him to continue to serve."

Specifically, Munster cited the nature of Jobs' public appearances and his active participation in the development of products like Macs and iPhones as some of the more noteworthy qualities that make him material to the company.

Similarly, the analyst said, one of the company's most competitive advantages is its executive team as a whole, who "share a collective track record of consistently outpacing their competitors in terms of hardware and software innovation coupled with robust product marketing and financial discipline."

Given his level of involvement and the fact that he is a cancer survivor, Apple shareholders have remained focused on Jobs' capacity to continue to serve as the company's leader.

During Apple's quarterly conference call Monday, chief financial officer Peter Oppenheimer was asked to comment on status of Jobs' health given a news report by the New York Post that renewed focus on the matter. He refused to do so, however, citing the co-founder's right to privacy, which in turn weighed on Apple shares.

Since then, however, the New York Times has reported that Jobs is actively reassuring some of his closest associates that rumors of his health are greatly exaggerated.

Given the due responsibility of Apple's board and the fact that no announcements have been made to date, Munster told clients there is "no reason to believe that Steve Jobs will not continue to serve as Apple's CEO."

As such, the analyst maintained his Buy rating and $250 price target on shares of the Cupertino-based company.

[ View this article at AppleInsider.com ]

[teckstud]

That's certainly vague. First they say he had a bug and then they say he caught it from follow up surgery? A slight difference- don't you think? No wonder the focus on this.

[douglogic]

Maybe they should just elevate someone else to the CEO position and free Steve Jobs of that title like Gates was doing before he left. Steve would still be doing the things he does, but would not have some of these reporting issues. I don't know. Sounds like an idea. Maybe a bad one, I don't know...

[monstrosity]

Originally Posted by douglogic

Maybe they should just elevate someone else to the CEO position and free Steve Jobs of that title like Gates was doing before he left. Steve would still be doing the things he does, but would not have some of these reporting issues. I don't know. Sounds like an idea. Maybe a bad one, I don't know...

I'm up for standing in for Jobs, pick me, pick me. I have vision coming out of my ass...

[teckstud]

Originally Posted by monstrosity

I'm up for standing in for Jobs, pick me, pick me.

You really think you could handle the job of Jobs?

[ktappe]

Originally Posted by AppleInsider

Jobs is actively reassuring some of his closest associates that rumors of his health are greatly exaggerated.

I'm pretty sure you mean that rumors of his failing health are greatly exaggerated.

[retiarius]

... after a bout with pancreatic cancer.

With humble respect, for those who don't understand the difference between
benign and malignant, please consult:

http://online.wsj.com/article/SB1216...s_inside_today

[Mr Underhill]

I can't see what all the fuss is about. Nobody knows how long they've got anyway.

I'd say Mr Jobs actually stands a better chance of living longer than some people because at least his doctors know what's going on inside of him and he's getting regular checks.

How many times have you heard of people just dropping down dead when there supposedly in good health. We've just lost a local lad, 17yrs old, football player, running for the ball, bang gone in 60 seconds. Had a heart problem that stemmed from an illness as a young child. Doctors said if they'd known about it he'd still be walking around.

People are just walking around thinking it'll never happen to them and then bam it's all over. It's what's going on inside of you that counts and none us know that unless we get checked out and are regularly monitored.

Give the guy a break and keep the posts to technical or exciting news. It's getting pretty dark in these forums lately.

[Dogcow]

Originally Posted by ktappe

I'm pretty sure you mean that rumors of his failing health are greatly exaggerated.

Some of these recent "reports" have been reading like high school homework assignments.

[grayum]

If god forbid Steve had to step down, I'd hand the baton to Johnny Ive.......

[GQB]

Originally Posted by monstrosity

I have vision coming out of my ass...

That must make driving REALLY difficult.

[ouragan]

Given the due responsibility of Apple's board and the fact that no announcements have been made to date, Munster told clients there is "no reason to believe that Steve Jobs will not continue to serve as Apple's CEO."

Do you really believe that? If Jobs was O.K., it would be incumbent upon Apple's board to issue a press statement confirming his good health. Steve Jobs himself, given the public interest in his physical appearance, should have made a public statement about his current condition, supported by a medical report signed by his treating physicians.

Whispers are for fools. The absence of a public statement by Steve Jobs, the Apple board or Steve Jobs' physician is a strong indication that he is severely sick.

Given how overpriced and speculative Apple's stock is, the absence of any official statement on Steve Jobs health is cause for concern.

[Matthew Yohe]

Originally Posted by retiarius

... after a bout with pancreatic cancer.

With humble respect, for those who don't understand the difference between
benign and malignant, please consult:

http://online.wsj.com/article/SB1216...s_inside_today

Thanks for the link. I knew something was up when I saw that he hadn't updated his blog in almost a month.

Also of note: At his last lecture Randy said he had a 'deathbed conversion'... he just bought a Macintosh.

Video is here, and the comment comes in at exactly 11 min.

[Eriamjh]

Originally Posted by monstrosity

I'm up for standing in for Jobs, pick me, pick me. I have vision coming out of my ass...

Originally Posted by GQB

That must make driving REALLY difficult.

I was going to suggest he have that condition checked by a doctor. It could be serious.

[BuzDots]

Originally Posted by AppleInsider

Apple board obligated to disclose material changes in Jobs' health

Investment bank Piper Jaffray is assuring Apple investors Friday that the company's leadership would be required to disclose in a timely fashion any changes that would prevent Steve Jobs from maintaining his role as chief executive.

Come on AI, with a headline like that you would think that Piper Jaffray was a legal firm... NOT!

[JeffDM]

I think the "advice" is suspect. The investment bank might know the applicable SEC laws, I don't know if they have any qualifications with regards to knowing medical privacy laws. While Jobs is a high profile figure, I'm not sure it's legal to disclose health information.

[frugality]

Steve Jobs' health is none of my business, none of the almighty Board's business, and most certainly not any of Piper Jaffray's business. The only thing the board and Piper Jaffray should be concerned about, if they fear losing Steve, is having a plan in place to put someone else in charge. It will have to happen eventually. Steve is mortal, and some day he will return to the dust like any of us. Give him some privacy when it comes to his health.

[JeffDM]

Originally Posted by ouragan

Do you really believe that? If Jobs was O.K., it would be incumbent upon Apple's board to issue a press statement confirming his good health. Steve Jobs himself, given the public interest in his physical appearance, should have made a public statement about his current condition, supported by a medical report signed by his treating physicians.

Do you know that you might be advocating violating medical privacy laws?

Given how overpriced and speculative Apple's stock is, the absence of any official statement on Steve Jobs health is cause for concern.

Absence of evidence is not the same as evidence of absence.
- Niel Degrasse Tyson -

[Foo2]

I'd say that in the 4 years since Jobs was diagnosed of the cancer (oh, and 100% cured, by the way), the company has done pretty well. The radical, curative surgery he had leaves lasting effects on the GI tract, but these are all manageable. If he consequently has trouble keeping food down or with his bowels, I really don't want to know about it. Follow-up surgery is sometimes necessary, but that's just part of the management. The public can be ruthless and insatiable, particularly when they have competing interests. Give'm hell, Steve!

[BuzDots]

Originally Posted by JeffDM

Absence of evidence is not the same as evidence of absence.
- Niel Degrasse Tyson -

How apropos!

[cnocbui]

Steve's health is his own business. If he chooses not to inform Apple's board about the state of his health then they won't know what it is, so they would not be able to make any statements about it.

Just keep it private Steve and let the analysts and busybodies go stuff themselves.

[SteveK9]

Editor: would you please correct this to 'rumors of his ILL health' (second time this has appeared), as 'rumors of his health' makes no sense and is not in fact what was written in the Times article.

[DimMok]

Bring on the woz!!!! The other, other steve.


Ps...leave steve jobs alone...pleezze

lol

[solipsism]

Originally Posted by JeffDM

Absence of evidence is not the same as evidence of absence.
- Niel Degrasse Tyson -

I see someone watches The Universe

[randomthot]

I find it funny/scary that this whole situation actually mirrors the tale of the golden goose!

Originally Posted by DimMok

Bring on the woz!!!! The other, other steve.


Ps...leave steve jobs alone...pleezze

lol

[SpamSandwich]

Steve's health is his own business. His responsibilities likely include making sure the company can survive his loss or departure... which would be more than most CEOs have done. Hey, he's not running for president of the US.

[jdavy]

Originally Posted by SpamSandwich

Steve's health is his own business. His responsibilities likely include making sure the company can survive his loss or departure... which would be more than most CEOs have done. Hey, he's not running for president of the US.

Actually he is a public figure and his health is material to Apple. The world does have the right to know if it materially affects his ability to perform as CEO of Apple. That aside, I am glad he is doing well as are all of our toys. I can not wait to see what he and Apple have in store for us all this fall.

Peace. :-)

[wodster]

Gene Munster is doing the right thing to protect his investment clients, and his reputation. He is establishing that Apple's refusal to comment on something that would make a difference in the value of the stock to shareholders is legally significant. This would put shareholders in a different position down the road if we learn that SJ was in fact sick, and there would be a major lawsuit action. I'm also sure that the fact that Apple has over 20 billion in cash is also something that makes Munster more comfortable keeping his $250 stock target intact!

[bsenka]

I wish Steve all the best. I'm praying for him.

I do not, however, expect that he owes me or anyone else any explanation of his private business.

Besides that, I have complete confidence that if his health really were as bad as the rumors, that he would already have a well guarded transition plan in place should it be needed.

[gumashow]

I'm not sure everyone in this country realizes how delicate and serious a matter it is regarding disclosure or one's medical records. We are all protected by HIPAA, just poke around on the web for info but here's a start: http://www.cdc.gov/mmwr/preview/mmwrhtml/m2e411a1.htm

[8CoreWhore]

This is simply designed to allay concerns. Jobs has no obligation to tell the board much till he can't continue. If it happens, it will all be at the last minute.

[lantzn]

Originally Posted by monstrosity

I'm up for standing in for Jobs, pick me, pick me. I have vision coming out of my ass...

Does that make you a TriClops?

[anantksundaram]

What, this Munster guy is now a corporate governance expert!

A far as I know, as long as the board has a clear succession plan, and they've weighed the pros and the cons of Jobs' staying on under the current circumstances (and possibly got the opinion of his physician), they are "obligated to disclose" nothing "about Jobs' health."

This sounds to me like like b-s.

Any experts in the forum who can weigh in?

[anantksundaram]

Originally Posted by wodster

Gene Munster is doing the right thing to protect his investment clients, and his reputation. He is establishing that Apple's refusal to comment on something that would make a difference in the value of the stock to shareholders is legally significant. This would put shareholders in a different position down the road if we learn that SJ was in fact sick, and there would be a major lawsuit action. I'm also sure that the fact that Apple has over 20 billion in cash is also something that makes Munster more comfortable keeping his $250 stock target intact!

Sorry. His job is to simply say: "APPL is worth X with Steve and Y without."

No one has appointed him protagonist for Apple's shareholders

[Marvin]

Originally Posted by monstrosity

I'm up for standing in for Jobs, pick me, pick me. I have vision coming out of my ass...

Switched places with your mouth did it?

Concerning the health of the CEO, it's clear that Steve has been a huge driving force in the success of Apple. This is a very bad thing IMO. In business, it's usually faceless corporations that survive because they have nothing to hold up except an undying brand name. The stronger the tie between Apple and Steve, the harder the hit when he will inevitably go. Apple needs to be seen to do well without him before that time comes.

He has taken less and less of a role in events but numbers of attendees have dropped significantly at events when he doesn't appear. Sooner or later people need to adjust to Apple without him.

[wolf for the pack]

Comment from one of the posts:

"I'm up for standing in for Jobs, pick me, pick me. I have vision coming out of my ass..."

That is how Ballmer got his job with that exact line....and no kidding...that is how Vista came to life!

Just sayin'

[Not FSJ]

Originally Posted by AppleInsider

Investment bank Piper Jaffray is assuring Apple investors Friday that the company's leadership would be required to disclose in a timely fashion any changes that would prevent Steve Jobs from maintaining his role as chief executive.

"We believe Steve Jobs commands attention from investors given his high profile as founder of the company and his hands-on approach to Apple's products," wrote analyst Gene Munster. "As such, we believe that Apple's board has a responsibility to disclose any changes that may impede him to continue to serve."

Specifically, Munster cited the nature of Jobs' public appearances and his active participation in the development of products like Macs and iPhones as some of the more noteworthy qualities that make him material to the company.

Similarly, the analyst said, one of the company's most competitive advantages is its executive team as a whole, who "share a collective track record of consistently outpacing their competitors in terms of hardware and software innovation coupled with robust product marketing and financial discipline."

Given his level of involvement and the fact that he is a cancer survivor, Apple shareholders have remained focused on Jobs' capacity to continue to serve as the company's leader.

During Apple's quarterly conference call Monday, chief financial officer Peter Oppenheimer was asked to comment on status of Jobs' health given a news report by the New York Post that renewed focus on the matter. He refused to do so, however, citing the co-founder's right to privacy, which in turn weighed on Apple shares.

Since then, however, the New York Times has reported that Jobs is actively reassuring some of his closest associates that rumors of his health are greatly exaggerated.

Given the due responsibility of Apple's board and the fact that no announcements have been made to date, Munster told clients there is "no reason to believe that Steve Jobs will not continue to serve as Apple's CEO."

As such, the analyst maintained his Buy rating and $250 price target on shares of the Cupertino-based company.

[ View this article at AppleInsider.com ]

We believe Steve Jobs commands attention from investors given his high profile as founder of the company and his hands-on approach to Apple's products," wrote analyst Gene Munster. "As such, we believe that Apple's board has a responsibility to disclose any changes that may impede him to continue to serve."

Munster is maybe the most accurate and respected analyst following Apples business developement. His public opinion has now put the BoD on notice what affected shareholders deserve to expect in the way of notice regarding Jobs ability to lead Apple.

[godrifle]

The headline is inaccurate. The *analyst* *believes* that the board has the responsibility to divulge. Big difference!

[JeffDM]

Originally Posted by Not FSJ

Munster is maybe the most accurate and respected analyst following Apples business developement. His public opinion has now put the BoD on notice what affected shareholders deserve to expect in the way of notice regarding Jobs ability to lead Apple.

Did you read any of the concerns aired in this thread?

[JeffDM]

Originally Posted by solipsism

I see someone watches The Universe

Maybe he uses that line often, I saw it on yesterday's Nova Science Now. Anyway, something else to add to my Netflix Queue.