“Smartphone maker Palm Inc. will sell a 25 percent stake to private equity firm Elevation Partners for $325 million, the company said Monday, and announced that the former technical guru behind the iPod will become chairman,” The Associated Press reports.
“Palm, best known for the Treo line of phones, said two board members — former CEO Eric Benhamou and D. Scott Mercer — will resign. Elevation partners Fred Anderson and Roger McNamee will join Palm’s board, and former iPod guru Jon Rubenstein will join the board as executive chairman,” AP reports.
“Rubenstein ran the iPod division at Apple from 2004 to 2006 and was key in the creation of Apple’s iMac computer before that,” AP reports. “Anderson, the former chief financial officer of Apple, recently agreed to settle Securities and Exchange Commission charges related to a stock options backdating probe at Apple. He also agreed to pay about $3.5 million in fines, without admitting wrongdoing. Anderson also serves as a director of eBay and Move Inc.”
Full article here.
[Thanks to MacDailyNews Reader “MacFreak” for the heads up.]
Pick that carcass clean, guys, and run. Palm is dead.