How Important Is a CEO? Ask Apple Shareholders

Apple CEO Steve Jobs announced late Wednesday that he is taking a medical leave of absence until June. In after-hours trading, Apple’s stock dropped 8 percent. After-hours trading is notably volatile and not necessarily a harbinger of what the market will do the next trading day. However, there is no doubt that investors place a high value on what Jobs brings to Apple. Many attribute Apple’s string of innovative successes (think iPod and iPhone in the recent past) to Jobs. Jobs is the face of Apple in a way few CEOs are these days. What will happen to Apple if Jobs is unable or unwilling to resume his duties this summer? Every company that is built around a dynamic leader eventually faces the day when that icon is gone. How Apple responds to this crisis of perception will say a lot about that inevitable day Jobs is no longer at the helm. Investors will be watching.