Steve on a Leave«

Apple CEO Steve Jobs is taking a leave until the end of June, the AP is reporting.

COO Tim Cook will take over in Jobs’ stead.

An email from Jobs reportedly said his health issues “are more complex” than Jobs previously thought.

As CEO, I plan to remain involved in major strategic decisions while I am out. Our board of directors fully supports this plan.

I look forward to seeing all of you this summer.

I expect Apple’s share price to drop in after hours trading.

Update: Yup, AAPL down in the 10 percent neighborhood. Trading had been halted at one point.

This could get ugly. Jobs took a one-month leave back in 2004 when he had surgery for pancreatic cancer.