Some Apple Inc. investors are advocating the unthinkable: Apple Inc. without Steve Jobs running it.
The charismatic chief executive, they said, should take on a new role when he returns in a week or two from a six-month medical leave -- as an advisor, thus removing himself from the rigors of overseeing day-to-day operations.
His impending return spurred fresh speculation about his health and the future of the Cupertino, Calif., computer, iPod and iPhone maker.
Jobs, 54, reportedly underwent a liver transplant in Tennessee two months ago and has recovered enough to return to work on schedule at the end of the month, according to a story in the Wall Street Journal.
Although investors welcomed the report as a sign that his health had improved, a few are openly discussing whether Jobs should surrender the title of chief executive to the man who has run the company successfully in his absence, Chief Operating Officer Tim Cook.
They believe that Jobs, who co-founded Apple 33 years ago and has been credited with resuscitating the company in the late 1990s and turning its devices into lust objects, should conserve his fragile health by continuing to serve as chief visionary and technology evangelist. He would shape new product development and whip consumers into a frenzy when these gadgets hit stores.
Jobs is "an obsessive, visionary freak" who would run himself down were he to operate the company again, said Michael Obuchowski, chief investment officer for First Empire Asset Management Inc.
"As an investor, I want him to be behind the scenes, as the person who provides input, the person who drives everyone else insane because he has this obsessive, visionary idea," Obuchowski said.
It's a concept that is gathering momentum on Wall Street.
"If the rumors he received a liver transplant are true, it's great news the recovery is progressing nicely," said analyst Brian Marshall at research firm Broadpoint AmTech. "Having said that, it's clear he's not a very healthy individual. It makes sense for him to spend his energy and resources on the most important matters."
Richard Klugman, director of consumer technology for Majestic Research, said Cook demonstrated his operational strength throughout the year. Apple's recent quarterly profit surpassed Wall Street's expectations -- and the company's own forecast -- on strong sales of iPhones and iPods.
