The company said that the medical leave is being provided to proactively treat a recently diagnosed cardiac condition. Colbeth is expected to be on leave for approximately eight weeks.
Colbeth and the Spyglass board of directors indicated that during his absence, the day-to-day management of the company will be carried out by the existing executive team.
Shares of the Spyglass dipped 3.09 percent in early trading to 11.75. The stock has traded as high as 32.25 and as low as 5.31 during the past 52 weeks.
"While I am disappointed that I will be temporarily unable to be involved in my daily activity at Spyglass, both I and the Board of Directors have complete confidence that the executive team and the entire employee group at Spyglass will continue to execute on our operational and strategic objectives during my absence," Colbeth said in a prepared statement.
The company also announced that the Spyglass Annual Shareholder meeting scheduled for tomorrow would take place as scheduled.
Spyglass provides Internet expertise, software, and services for making devices work with the Web. The company is active in the cable and satellite television, wireless telecommunications, consumer electronics, and office equipment markets. GTE, Motorola, NEC, and Nokia are among the companies that use Spyglass technology.