Just days after releasing its latest smart phone, Palm Inc. on Wednesday named a former Apple Inc. executive that it hired to help turn around the company as its new chief executive.

Jon Rubinstein, 52 years old, will replace Ed Colligan, 48, who had been Palm's CEO since 2005. Mr. Colligan plans to join Palm's biggest investor, private-equity firm Elevation Partners, after taking some time off.

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