Palm Inc. executive Jon Rubinstein is a former Apple executive. Earlier this week he had become the CEO of Palm from the Chairman position. The previous Palm CEO Ed Colligan will be moving to Elevation Partners. Elevation Partners is a major investor in Palm. Elevation invested $100 million into Palm this past December.
Rubinstein joined Palm around 2007 and helped the company develop the Pre phone. The Palm Pre had helped Sprint break a sales record and helped Texas Instruments boost their revenues. Rubinstein joined Apple around 1997 when Steve Jobs returned to the company. In 2001, Rubinstein was given credit for helping invent the iPod.
As the new CEO, Rubinstein will receive about $1.7 million per year. For leaving the company Colligan will receive $1.2 million payable in several chunks over the next year.