Palm injects Apple DNA: Colligan out as CEO; Rubinstein in

Palm on Wednesday named Jon Rubinstein as chairman and CEO. Ed Colligan, Palm's chief for 16 years, is stepping down. With the move, Palm gets some Apple DNA in its executive suite.

Rubinstein takes over June 12 and Colligan will join Elevation Partners, which has bankrolled Palm's Pre launch. As for that Apple DNA, Rubinstein helped cook up the iPod and led the unit.

In a statement, Rubinstein said that Palm has strong assets, including the WebOS. Rubinstein reckoned that the WebOS has "ten-plus years of innovation" ahead of it. Rubinstein will make his debut when Palm reports its fourth quarter results June 25. Palm is expected to lose 64 cents a share in its fourth quarter, but the focus on the conference call will be on Pre sales.

Also see: All Palm Pre content

Gallery: Here's what's inside the Palm Pre

As for Colligan he said he was proud of what Palm has accomplished.

Overall, the Pre launch makes a nice transition to new leadership. Rubinstein's appointment to CEO will make Palm an interesting company to watch going forward.

Time will tell if the Pre saved Palm and gives Rubinstein the runway to ressurrect the company. The initial sales of the Pre were strong, but analysts expect it to be a slow ramp in terms of units.

More reading: News without numbers: Sprint says Pre set sales record

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• Palm Pre weekend: Sprint could steal Palm’s moment
• Gauging the Palm Pre’s success: It’ll take time