Palm loses an exec; launches retention program to keep 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.