Pharos Capital Group has promoted Joseph Acevedo from associate to vice president and Ryan Shelton from analyst to associate. Pharos is a private equity firm with offices in Dallas and Nashville.

Palm Inc. said that CEO Ed Colligan is stepping down to join Elevation Partners, which acquired a 25 percent stake in Palm back in October 2007 for $325 million. He will be succeeded by Jon Rubenstein, who Elevation had previously brought in as executive chairman.

Laurence Grafstein, a former co-head of Lazard’s technology and media group, has agreed to join Rothschild as co-head of U.S. M&A, according to The Wall Street Journal.

Stephen Green has joined European private equity firm Bridgepoint as a partner. He will serve as head of the European private equity firm’s financial services team, succeeding six-year vet John Davison who is leaving “to pursue other interests.” Green previously led the global financial and business services team for Apax Partners.

Andy Kaye has joined William Blair & Co. as head of its Asian operations, based out of the firm’s China office. He previously ran his own boutique and, before that, spent time with both CIBC World Markets and Robertson Stephens.

Jon Krogstad has joined MMV Financial as a Palo Alto, Calif.-based senior vice president responsible for business development in the Western U.S. He previously opened the Silicon Valley office of Vencore Capital, which provides debt financing to early-stage companies.

Ken Leet has stepped down as head of European operations for Cerberus Capital Management, according to Dow Jones. Also gone is Jeff Lubin, with Cerberus reportedly cutting one-third of its U.K. staff so far this year.

Investcorp has eliminated the position of chief operating officer, in order to “streamline its management.” CEO Nemir Kirdar will take over the duties of COO Gary Long, who leaves the company immediately after 14 years.

Neil Midler has joined Chicago-based Cook Associates as a managing director in the firm’s M&A advisory services unit.

Seamus Moorhead and Charles Gournay have joined Greenhill & Co. as London-based managing directors focused on the consumer and retail sectors. They previously were managing directors for UBS’ consumer and retail investment banking group.

Shad Qurashi has joined NewOak Capital as vice chairman and head of business development and strategy for the firm’s advisory, asset management and capital markets businesses. He previously was joint head of UBS’s distressed real estate workout group.

Robert Sasson has joined Russia-based UFG Asset Management as senior managing partner of private equity. He previously worked for a U.S. hedge fund focused on Russia and Ukraine.

Daniel von Preyss has joined Impax Asset Management as a managing director of private equity for a fund focused on renewable power generation. He previously ran Babcock & Brown’s Northern European infrastructure activities.

Tim West has been named director of marketing and investor relations for WCAS Fraser Sullivan Investment Management, a debt investment partnership formed in 2007 between Welsh, Carson Anderson & Stowe and Fraser Sullivan Investment Management. He previously was a senior managing director with MacKay Shields.

Bob Wigley has joined Advent International as an operating partner, with a focus on financial services opportunities in Europe. He had spent the past decade with Merrill Lynch, most recently as head of chairman of Merrill Lynch Europe, Middle East and Africa.

David Wirdnam and Matt Traina have joined Piper Jaffray as managing directors. Wirdnam will provide debt advisory and origination services to the firm’s debt capital markets and financial restructuring groups. He previously was a managing director with Citigroup’s leveraged finance team. Traina will lead coverage of West Coast financial sponsors, and previously was in the financial sponsors group at Bank of America.