Palm Inc. (NASDAQ: PALM) Names Jon Rubinstein as New CEO

Palm, Inc. (NASDAQ: PALM) has named Jon Rubenstein, former executive behind Apple Inc.'s iPod, as their new CEO, according to reports Wednesday.

Rubenstein will replace Ed Colligan, who is stepping down as chief executive after 16 years at the helm. The appointment is effective Friday.

The announcement comes just days after Palm launched the $200 Pre, a well-regarded rival to Apple's iPhone device. Earlier this week, Apple Inc. (NASDAQ: AAPL) announced that it will cut the price of its iPhone to $99 and released an upgraded 3G S version.

Rubinstein, 53, will remain executive chairman, a position he accepted in October 2007. With Palm webOS we have 10-plus years of innovation ahead of us, and the Palm Pre is already one of the year's hottest new products," he said, according to Associated Press.

Palm said Colligan, who had also served as president, plans to take some time off before joining Menlo Park, Calif.-based private equity firm Elevation Partners.

Palm’s stock price rose 21 cents to $12.20 in after-hours trading, after closing down 71 cents, or 5.6 percent, at $11.99. Apple shares fell $2.47 to close the regular session at $140.25.

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