PalmSource CEO Steps Down
Just a week after palmOne selected a new CEO, PalmSource CEO David Nagel announced that he was resigning as CEO effective immediately. The company announced that Patrick McVeigh, who was the company's senior vice-president for worldwide licensing, would take over in the interim.
PalmSource is the result of a 2001 spinoff where Palm Computing split itself into two parts: palmOne, which is the company's hardware and manufacturing arm, and PalmSource, which is responsible for the Palm OS and related software.
The stock price of PalmSource has plummeted since its 2003 IPO, falling from $40 to under $9 as of Monday morning.
The company has also seen added pressure in new markets, and its share of Palm OS-enabled smartphones fall as rivals Symbian and Nokia gain more traction in the marketplace. PDA shipments are also falling, which was a large portion of the Palm OS business.
Nagel joined PalmSource in 2001 after serving as Chief Technology Officer for AT&T and president of AT&T Labs. The company said he will serve in an advisory role until mid-July.