PalmSource chairman to step down
PalmSource Chairman Eric Benhamou will step down after the annual meeting of stockholders in October, the company said last Friday. Benhamou will continue as chairman for PalmOne. He has been serving on the boards of both companies since the spinoff of PalmSource from Palm last October. Handheld maker Palm had renamed itself PalmOne after it spun off operating system maker PalmSource and acquired rival Handspring.
PalmSource said that since the spinoff, it has completed a stock offering that resulted in net proceeds of about US$59 million and has launched an update of the operating system for mobile devices. The company will now focus on the broader wireless handheld market with its software products.
"PalmSource and PalmOne have firmly established themselves as separate, publicly traded companies," Benhamou said in a statement. "Their relationship has now fully transitioned to the scope and processes appropriate for two independent companies. Their boards, too, must evolve toward greater independence, consistent with prevailing governance practices." Benhamou also serves on the board of both RealNetworks and 3Com, where he is chairman.
PalmSource also announced on last Friday that Satjiv Chahil, former chief marketing officer at Palm and former corporate marketing chief at Apple Computer, will not run for re-election to the PalmSource board, due to other commitments. However, he will help the company establish an advisory board of industry experts.