palmOne’s CEO Resigns

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palmOne’s chief executive officer Todd Bradley has resigned, effective at the end of this quarter. No reason was given for this move.

Ed Colligan, the company’s current president, will take on the role of interim CEO.

Bradley joined Palm Inc. in 2001 as chief operating officer of the Palm Solutions Group, and was promoted to president of that group in May 2002.

He became president and chief executive officer of palmOne in October of 2003 when Palm spun off PalmSource, the operating-system business, and acquired Handspring. The company was renamed palmOne at that time.

palmOne logo Eric Benhamou, chairman of palmOne’s board of directors, credited Bradley for restoring the company to a sound financial foundation, overseeing the return to revenue growth and profitability, introducing new handhelds, and driving the acquisition and integration of Handspring.

The only reason Bradley gave for this move is, “I’ve accomplished what I set out to do.”

Update: Bradley will also resign from the palmOne Board of Directors.

The New Man

Ed Colligan has a long history with Palm. He once led the product marketing efforts for the original Palm handhelds.

He later left the company with Jeff Hawkins and Donna Dubinsky to form Handspring, which sold Visor handhelds and later developed the first Treo smartphones.

He became president and chief operating officer of Handspring, then joined palmOne as senior vice president and general manager of the wireless business unit when Palm acquired Handspring. He was named president in June of last year.

Colligan is a candidate for the permanent CEO position, the company said.

The stock market has not reacted positively to this announcement. palmOne’s share price opened Monday at just over $28, it closed today a bit over $24.

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