PalmOne has agreed to pay PalmSource $30 million for full rights to the Palm brand name.

The Palm brand name had been co-owned by the two companies since PalmSource was spun off from Palm in October 2003.

Under the deal, PalmOne will change its name to Palm later this year. In addition, the company has granted PalmSource certain rights to Palm trademarks for PalmSource and its licensees for a four-year transition period.

A new logo will be unveiled over the next three months, PalmOne said.

PalmOne manufactures PDAs (personal digital assistants), smart phones and other accessories; PalmSource meanwhile develops and sells operating system software for handhelds.

On Sunday, David Nagel, 60, president and CEO of PalmSource, unexpectedly resigned. Patrick McVeigh, 53, appointed in February as senior vice president, worldwide licensing for PalmSource, was named interim CEO while the board searches for a permanent successor.