Palm announced today that Jon Rubinstein who joined the company in October 2007 as Executive Chairman will be replacing Ed Colligan as a CEO of Palm Inc. Ed Colligan who has been Palm`s CEO for 16 years will be joining Elevation Partners after a short leave.

“I’m very proud of what Palm has accomplished so far,” said Colligan. “We pioneered two major product categories and I believe we are on our way to defining the standard for the mobile web. I’m extremely proud of our team, and grateful to have played a role in turning Palm around. I know that Jon, the Board and the Palm executive team will do an incredible job driving Palm to new heights.”

So there you have it, Jon Rubinstein, who has been in charge of Palm’s research and developement and engineering department, an ex NeXt and Apple empoyee will be leading the company to new glorious ventures.

Brilliant engineer and manager that worked under Jobs will be a great engine that will drive Palm in the future. At least we hope so.