PortalPlayer CEO quits

The outlook seemed bleak for PortalPlayer last April when Apple Computer for the second-generation iPod Nano, but it appears things have gotten even worse.

PortalPlayer President and CEO Gary Johnson will resign by the end of the year, the company said Thursday.

PortalPlayer also reported quarterly earnings of $34.6 million, reflecting a 50 percent drop compared to the same quarter last year.

The company says it has already begun looking for a replacement.

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