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Palm Appoints Ex-Apple Exec as CEO, Chairman

Topics:CEOs and CFOs | Technology

Sectors:Telecommunications | Technology

Companies:Apple Inc | Palm Inc

By: Reuters | 10 Jun 2009 | 05:51 PM ET

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Palm Executive Chairman Jon Rubinstein will become chief executive, succeeding Ed Colligan, as the company seeks to revive its fortunes with a new smartphone and operating system.

Rubinstein, a former Apple [AAPL Loading... () ] executive who joined Palm in October 2007, will take the reins on June 12, Palm said on Wednesday.

The move comes days after Palm released its Pre smartphone, considered the company's best chance to compete against Apple and its popular iPhone.

Rubinstein appeared to be the frontman for the Pre launch, appearing at industry conferences and touring retail outlets on the day of the release last Saturday, while Colligan has had a less visible presence in recent months.

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Palm said that Colligan, a 16-year veteran of the company, plans to take some time off and will then join Elevation partners, which took a $325 million, or 25 percent stake in Palm in June 2007.

Palm [PALM Loading... () ] shares rose in afterhours trading.

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