In a move that could be described as "totally unsurprising," Palm shareholders have approved the much-discussed
partial sale of the company to a private equity firm called Elevation Partners
(of which Bono is a member), and also a change in the board of director's makeup. The plan, if you'll recall, is for Mr. MacPhisto and co. to pay $325 million for a 25-percent stake in the company, while Palm itself will pay out a $9 per-share distribution of cash to current shareholders for a reduction in ownership. There will also be a new executive board chair, namely, Johnathan Rubenstein, an Apple alumni who ran the iPod devision from 2004-2006. Fred Anderson (another former Apple officer), and Roger McNamee (a Silicon Valley investor) will also join the board. Our man Ed Colligan said of the switch, "There are a lot of moving parts here, but the goal is to bring in a transformation and change the dynamics of the company," er... okay
. Apparently, Palm has hopes that Mr. Rubenstein will help create "innovative products" and "bring them to market quickly." In our dreams guys, in our dreams.