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Palm loses an exec; launches retention program to keep others

By | April 16, 2010, 4:50pm PDT

Summary: Palm loses an executive and immediately implements an incentive program to hang on to others.

It looks Palm, which delivered poor earnings last month and has been reportedly shopping itself to potential suitors, is trying to hang on to some key executives while the company goes through some rough times.

On Friday, the company filed notice with the Securities and Exchange Commission that Michael Abbott, senior VP of software, is leaving the company on April 23. Separately, but in the same filing, It also notified the SEC of a retention program for “certain key employees,” including executive officers, that includes “equity awards and cash bonuses” to be earned over a two-year period, only if the employees stick around for two years.

It specifically noted that two executives - Senior VP of Global Operations Jeffrey P. Devine and CFO Douglas C. Jeffries - each received a grant of restricted stock and a cash bonus of $250,000.

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VP, Palm Inc., SEC, Executive, Investment, Financial Accounting, Financial Services, Finance, Sam Diaz

Sam has been a technology and business blogger for more than 18 years.

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Sam Diaz

Sam Diaz has nothing to disclose.

Biography

Sam Diaz

Sam has been a technology and business blogger, reporter and editor at ZDNet, the Washington Post, San Jose Mercury News and Fresno Bee for more than 18 years. He's a member of the National Association of Hispanic Journalists and a graduate of California State University, Fresno.

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wow . . .
CobraA1 17th Apr 2010
wow . . . retention programs? They're that desperate to
stick to their old ways?

Hint: Palm, you really need some new blood in the system.
Forget the silver parachutes, hire or promote instead.
Maybe you'll get that innovative break you need.
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0 Votes
+ -
nothing for the little guys
Linux Geek 16th Apr 2010
some are disposable
0 Votes
+ -
Sterling Silver parachute.
matthew_maurice 17th Apr 2010
$250K to ride Palm into a smoking hole isn't bad, but it's far
from "golden." The real question is whether they get the
whole quarter mill if Palm is acquired. I'm betting a small
clause says that they do, and if so, then suddenly that
parachute changes color.
0 Votes
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RE: Palm loses an exec; launches retention program to keep others
theproftw 17th Apr 2010
Palm used to be the only company that made these kind of phones, they invented the smartphone industry! I honestly don't want to lose a company that did so much when companies such as Google and Apple try to take their idea, though on another side, palm should try to at least release an Android phone and get some market share with it
0 Votes
+ -
wow . . .
CobraA1 17th Apr 2010
wow . . . retention programs? They're that desperate to
stick to their old ways?

Hint: Palm, you really need some new blood in the system.
Forget the silver parachutes, hire or promote instead.
Maybe you'll get that innovative break you need.

Join the conversation!

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