Palm Replaces CEO with Apple Exec

Palm has appointed former Apple executive Jon Rubinstein as its new chief executive officer.

With the launch of Palm’s new Pre handset still fresh, the news that Ed Colligan had decided to step down as CEO after16 years with the company is slightly surprising.

Speaking to the Wall Street Journal, a spokesperson for Palm said "[Colligan has] accomplished what he's set forth to do and now [Rubinstein] is the right person to step up and take the company into the next era."

Palm has decided to replace Colligan with none other than former iPod guru, Jon Rubinstein who joined the company as an executive chairman in the Fall of last year. Rubinstein left Apple in 2006 (after 10 years of service) but a non-compete agreement prevented him from taking a position with any of the Cupertino company’s competitors.

Palm said Wednesday that Rubinstein will take control of Palm on June 12, while Ed Colligan will take up a position at Elevation Partners, a company which is managed by former Apple CFO Fred Anderson and owns a 22 percent stake in Palm.