Apple investors get used to life without Jobs as stock surges

SAN FRANCISCO: Apple shares have climbed 59% since chief executive officer Steve Jobs went on medical leave, signaling investors are confident the maker of the iPhone can succeed without its co-founder at the helm. Jobs, who in January turned over day-to-day operations to operating chief Tim Cook, should hand over the CEO job permanently when he returns later this month, said Michael Obuchowski, chief investment officer at First Empire Asset Management in Hauppauge, New York.

���For investors, it would be better if Steve doesn���t return to be as hands-on as he was,��� said Obuchowski. ���He has created a good team, and investors would be comfortable with that team and having Steve in more of an advisory role.��� Jobs, a cancer survivor, could take a new position, possibly as Apple���s chairman, letting him guide the company with less scrutiny of his health, Obuchowski said.

Steve Dowling, a spokesman for Cupertino, California-based Apple, declined to be specific about the date of Jobs���s return or whether his role will change. He also wouldn���t say how or if Apple will announce that Jobs is back at work. Apple said in January that Jobs would remain involved in ���major strategic decisions��� during his leave. ���We look forward to Steve returning at the end of June,��� Dowling said.

Apple shares have outpaced the Standard & Poor���s 500 Index���s during Jobs���s leave by more than sixfold. ���If you look at the performance of Apple over the past year from a fundamental point of view, it���s been terrific,��� said David Pearl, who helps oversee $6 billion in assets, including Apple shares, at Epoch Investment Partners in New York. ���They���ve proven the company can run without him being there day to day. No one lives forever, and you have to build the company with the talent to succeed the founders.���