David Nagel, the President and Chief Executive Officer of mobile device maker PalmSource has stepped down from the company. He did not give a reason for doing so.
Nagel will remain as an advisor through the middle of July as Senior Vice President for worldwide licensing Patrick McVeigh picks up the CEO role temporarily.
The company is looking for a replacement to fill the position permanently. Computer Business Review Online gives a little background information on the company:
PalmSource was formed when Palm split its hardware and software operations in 1993. After an IPO at $40 a share, the price has steadily fallen and currently stands at $8.93, valuing the company at $149m. In its third quarter to March 31, it lost $721,000 on revenue 20.3% lower at $17.2m. It is likely to end the year with revenue flat at about $71m.
The company’s prospects have not been helped by constant rumors that its major customer PalmOne is set to throw in its lot with Microsoft and adopt Windows CE. In November, US-based financial analyst Needham & Co released a research note suggesting it “virtually certain” that PalmOne intends to use Microsoft’s Windows Mobile platform in a future device.
Mr. Nagel, who is 60 years old, was named CEO of the company in December of 2001. In October 2003, the company was spun off from Palm Inc.
McVeigh joined the company in February and was previously CEO of Aliph Corp., which develops audio and speech technologies for mobile communications devices.
Chris is a staff writer for Murdok. Visit Murdok for the latest ebusiness news.
