Monday, June 04, 2007

Palm to Sell 25% Stake, Overhaul Board - WSJ.com

Looks like outright acquisition isn't part of Palm's near-term possible scenarios. 

Palm Inc., facing mounting competition in the smart-phone market, is selling a 25% stake to a private-equity partner that will bring former Apple Inc. executives to the maker of hand-held electronic devices.

An interesting twist:

The deal brings important new personnel to Palm, including several top executives who worked at Apple in the late 1990s and earlier this decade. Jon Rubinstein, Apple's former head of hardware who helped pioneer the hit iPod music player, will join Palm as executive chairman and head up product development, according to people familiar with the matter. The company's co-founder and top product designer, Jeff Hawkins, has been working at Palm part time in recent years.

Overall, it looks like Palm is betting the ranch on its new Foleo line.

Palm to Sell 25% Stake, Overhaul Board - WSJ.com

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