“Five and a half months ago, word that Steve Jobs would only work part-time as he recovered from a liver transplant would have sent investors into a selling frenzy, so closely linked was Apple’s charismatic co-founder and CEO to the company’s success,” Jessica Mintz reports for The Associated Press. “But now, with Jobs’ return to Apple just days away that prospect is a lot less daunting.”

“Wall Street has grappled with the implications of Jobs’ illness since August 2004, when investors learned the CEO had kept a cancer diagnosis secret until after he underwent surgery. Investors feared a half-year absence would leave one of the oldest computer makers adrift, because Jobs had become the essence of the company he co-founded in 1976,” Mintz reports. “But in the last few months, the company released must-have gadgets and software improvements with nary a public hiccup. Its shares have almost doubled, raising the question of how central Jobs is to Apple today?”

“It is not yet clear how investors will take the latest word, that Jobs had a liver transplant two months ago in Tennessee, according to The Wall Street Journal, and that he will likely work part-time, at least at first,” Mintz reports. “Apple has not confirmed the report, and has said only that Jobs is looking forward to returning to Apple at the end of the month.”

“Tim Bajarin, an analyst for Creative Strategies who has been following Apple for more than 25 years, said things ran smoothly in Jobs’ absence because he had already relinquished much of his control over the company,” Mintz reports. “‘Jobs hasn’t been running day to day operations for almost two years, well before he got sick,’ Bajarin said. Cook was de facto in charge, and the people in charge of each of Apple’s gadgets and programs were, for the most part, working without a net. ‘They only went to Jobs on big issues and questions and making sure their programs where in line with Jobs’ overall vision,’ he said, which the CEO scopes out in 10-year increments.”

Full article here.