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Eric Benhamou to step down
Press Release:
PalmSource, Inc. provider of Palm OS(R), a leading operating system powering next generation mobile devices and smartphones, today announced Eric Benhamou has stated his intention to resign his position as chairman of the PalmSource board of directors immediately following the annual meeting of stockholders on October 28, 2004. Benhamou is expected to continue to serve as chairman of the board for palmOne.
Benhamou has continued on the boards of both PalmSource and palmOne since the spin-off of PalmSource from Palm, Inc. in October 2003. PalmSource has now achieved several milestones, including the completion of a stock offering that resulted in net proceeds of approximately $59 million, the launch of Palm OS Cobalt, the sixth generation Palm OS, and signing four new carrier/operator partnerships worldwide to the Palm Powered(TM) Mobile World program.
"PalmSource and palmOne have firmly established themselves as separate, publicly traded companies," said Eric Benhamou. "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."
"Eric Benhamou has been an integral part of PalmSource's strategic separation from Palm, Inc. and the restructuring of the handheld industry," said David Nagel, president and chief executive officer, PalmSource. "PalmSource is shifting its focus to the broad wireless handheld market, and will continue to provide leading software products for this growing industry."
In addition, due to other commitments, Satjiv S. Chahil, former chief marketing officer, Palm, Inc. will not stand for re-election as a member of the PalmSource board of directors. Chahil has agreed to assist PalmSource in establishing an advisory board of industry experts and pioneers.
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