PortalPlayer CEO to step down

iPod chip maker PortalPlayer has announced that company CEO Gary Johnson plans to resign by the end of the year. “My true passion is in leading companies through their initial rapid growth,” said Johnson. “When I joined PortalPlayer, the company had one product and very limited cash. Today, it has several design teams working on products for three major personal multimedia player markets and nearly $200 million in cash… I feel that it is time for me to pursue other opportunities where I can again be instrumental in the early stages of a company’s growth.” The move comes a little more than three months after the company said its chips would not be used in some of Apple’s flash-based iPods.