David Nagel, president, CEO and director of mobile operating system developer PalmSource , is vacating his role at the company, officials said Monday. Taking his place is the Sunnyvale, Calif., company’s top salesman, Patrick McVeigh, senior vice president of worldwide licensing, who the board of directors nominated as interim CEO. Nagel will remain with the company through July on an advisory basis. Maureen O’Connell, a PalmSource spokeswoman, would not comment on the executive move, saying only that Nagel stepped down and the board of directors has initiated a search for his replacement.
Nagel joined Palm in 2001 to run the handheld computer maker’s software unit, which eventually was spun off as PalmSource. Nagel, a former AT&T chief technology officer, was named PalmSource’s CEO later in 2001 and helped take the company public in 2003. PalmSource’s stock has crumbled since its IPO, falling from about $40 a share to its Friday Nasdaq close of $9.01.