There was a kernel of truth to this, albeit a small one. One of the hormones created by the
pancreas is glucagon, which is the flip side of insulin. Glucagon causes your liver to release blood
sugar. Jobs’s tumor had metastasized into his liver and was wreaking havoc. In effect,
his body
was devouring itself, so his doctors gave him drugs to try to lower the glucagon level. He did have
a hormone imbalance, but it was because his cancer had spread into his liver. He was in personal
denial about this, and he also wanted to be in public denial. Unfortunately that was legally
problematic, because he ran a publicly traded company. But Jobs was furious about the way the
blogosphere was treating him, and he wanted to strike back.
He was very sick at this point, despite his upbeat statement, and also in excruciating pain. He
had undertaken another round of cancer drug therapy, and it had grueling side effects. His skin
started drying out and cracking. In his quest for alternative approaches, he
flew to Basel,
Switzerland, to try an experimental hormone-delivered radiotherapy. He also underwent an
experimental treatment developed in Rotterdam known as peptide receptor radionuclide therapy.
After a week filled with increasingly insistent legal advice, Jobs finally agreed to go on medical
leave. He made the announcement on January 14, 2009, in another open letter to the Apple staff.
At first he blamed the decision on the prying of bloggers and the press. “Unfortunately, the
curiosity over my personal health continues to be a distraction not only for me and my family, but
everyone else at Apple,” he said. But then he admitted that the remedy for his “hormone
imbalance” was not as simple as he had claimed. “During the past week I have learned that my
health-related issues are more complex than I originally thought.” Tim Cook would again take
over daily operations, but Jobs said that he would remain CEO, continue to be involved in major
decisions, and be back by June.
Jobs had been consulting with Bill Campbell and Art Levinson, who were juggling the dual
roles of being his personal health advisors and also the co-lead directors of the company. But the
rest of the board
had not been as fully informed, and the shareholders had initially been
misinformed. That raised some legal issues, and the SEC opened an investigation into whether the
company had withheld “material information” from shareholders. It would constitute security
fraud, a felony, if the company had allowed the dissemination of false information or withheld
true information that was relevant to the company’s financial prospects. Because Jobs and his
magic were so closely identified with Apple’s comeback, his health seemed to meet this standard.
But it was a murky area of the law; the privacy rights of the CEO had to be weighed. This balance
was particularly difficult in the case of Jobs, who both valued his privacy and embodied his
company more than most CEOs. He did not make the task easier. He became very emotional, both
ranting
and crying at times, when railing against anyone who suggested that he should be less
secretive.
Campbell treasured his friendship with Jobs, and he didn’t want to have any fiduciary duty to
violate his privacy, so he offered to step down as a director. “The privacy side is so important to
me,” he later said. “He’s been my friend for about a million years.” The lawyers eventually
determined that Campbell didn’t need to resign from the board but that he should step aside as co-
lead director. He was replaced in that role by Andrea Jung of Avon. The SEC investigation ended
up going nowhere, and the board circled the wagons to protect Jobs from calls that he release more
information. “The press wanted us to blurt out more personal details,” recalled Al Gore. “It was
really up to Steve to go beyond what the law requires, but he was adamant that he didn’t want his
privacy invaded. His wishes should be respected.” When I asked Gore
whether the board should
have been more forthcoming at the beginning of 2009, when Jobs’s health issues were far worse
than shareholders were led to believe, he replied, “We hired outside counsel to do a review of
what the law required and what the best practices were, and we handled it all by the book. I sound
defensive, but the criticism really pissed me off.”
One board member disagreed. Jerry York, the former CFO at Chrysler and IBM, did not say
anything publicly, but he confided to a reporter at the
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