Apple Board Must Report Changes in Jobs’ Health
Phot courtesy ZD Net
Piper Jaffray analyst Gene Munster issued a report Friday indicating Apple, Inc. Board of Directors should be obligated to inform shareholders of any material changes in Steve Jobs’ health that could impact his abilitiy to maintain his high-profile, active role in the company’s operations.
Citing the nature of Jobs’ public appearances and his active participation in the development of products like Macs and iPhones as aspects of Jobs’ role that make him material to the company’s performance, Munster wrote,”we believe that Apple’s board has a responsibility to disclose any changes that may impede him to continue to serve.”
Apple shares have been buffeted in trading since the company’s quarterly earnings call earlier this week, when CTO Peter Oppenheimer replied to questions about Jobs’ health by saying the topic is “a private matter.” A subsequent New York Times article indicated Jobs has recently been reassuring close associates that he remains cancer free in the wake of surgery earlier this year to deal with problems that had been causing him to lose weight.
Munster’s report today was meant to assure Piper Jaffray’s clients there is “no reason to believe that Steve Jobs will not continue to serve as Apple’s CEO,” and reaffirm Munster’s buy rating and $250 price target for Apple stock.
Via AppleInsider
