Palm CEO Departs After 16 Years

Ed Colligan is stepping down as CEO of Palm Inc. and will be replaced by executive chairman Jon Rubinstein starting June 12, the company announced Wednesday.

Colligan has held the top position at Palm for 16 years and saw the company through good and bad times. Under his leadership, Palm became the clear market leader in handheld computing devices, and it's credited with kicking off mass-market adoption of smartphones.

But the company's Treo smartphones quickly became outpaced by the likes of Apple Inc. (Nasdaq: AAPL)'s iPhone and BlackBerry 's BlackBerry. While the company's Centro smartphone sold more than 2 million units, it was not a high-margin device, and Palm has reported seven consecutive quarterly losses.

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– Marin Perez, InformationWeek

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