webOS SVP Leaves Palm
[UPDATED] Palm Inc. announced today via a SEC 8-K filling that Michael R. Abbott, Senior Vice President of Software and Services, submitted his resignation. The filling details that his employment is expected to terminate effective April 23, 2010.
Mr. Abbott joined Palm in 2008 and lead the team that developed webOS. His management bio at Palm.com states Michael leads the application platform and services development for the company's next-generation Palm webOS platform. […] Before joining Palm, Michael was the general manager of .NET Online Services at Microsoft, where he led efforts to deliver a services platform that enabled the development of large-scale Internet-based services. No reasons were given for his departure.
Interestingly, the same 8-K also reveals that two other senior managers were just offered retention packages provided they remain with the company for a two year period. Jeffrey P. Devine, Palm's Senior Vice President of Global Operations, and Douglas C. Jeffries, Palm's Senior Vice President and Chief Financial Officer, each received a grant of restricted stock units pursuant to Palm's 2009 Stock Plan and a cash bonus of $250,000.
Update
It turns out that Palm has filled stock and cash retention plans for its entire senior management team.
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It is MUCH worse than that
and MOST importantly...
The CFO was going to leave - Palm threw money at HIM!
Read the whole filing.
Guess Palm isn't being bought anytime soon, huh...or maybe the CFO just decided to leave before the sale for the heck of it.
RE: It is MUCH worse than that
RE: It is MUCH worse than that
Engineers were expected to leave - that was discussed back in early March after Palm warned. The SVP of Software, however, is somewhat of a surprise.
And, of course, the CFO is one that simply floors an outside observer given all the stupid "Buyout's Here!" talk.
OBVIOUSLY there is no buyout HERE =nor= anything concrete in the near-term future - CFOs stick around for those things (and reap amazing benefits from them).
We don;t know how many restricted stock shares these guys (and, of course, all the unmentioned ones) got. Right up front they got a quarter million bucks apiece. BTW - restricted stock ALWAYS has value at whatever the when-exercised price is - unlike stock options that go worthless should the stock price drop below the exercise price. That is to say, restricted stock isn't any strong incentive to perform, it is simply a way to delay paying cash of SOME amount at some time in the future.
Restricted stock undoubtedly acts like stock options in the case of a sale - exercisable immediately (but, again, unlike options WILL have real value).
RE: It is MUCH worse than that
If the stock price maintains the current level (no, it won't...but if...) that's MORE than a million bucks each to hang around.
Whole bunch of Form 4s just cleared the SEC.
Guess they REALLY wanted to leave, huh?
RE: It is MUCH worse than that
E-T
e-tellurian
Completing the e-com circle with a people driven we-com solution
WiFi & BT? No strings attached
we_tellurian@canada.com
Jump to where?
Is the Microsoftie going to run back to Borg Central and work on Kin?
Things could not be good if the top want to leave and have to be bribed to stay.
Weird, I saw a report yesterday where Rubinstein is claimed to have stated that webOS could show up as a licensed deal in a tablet. Not that they have any such agreements, he made clear, but he wouldn't rule out that option.
Hmph.
RE: Jump to where?
Though in this case the job was done the build was complete and they need more to build to keep people around. Let's hope that they will keep their intellectual content busy thinking about the next great Palm offering.
People usually like to be working on the next great thing. Perhaps a Palm Classic and Palm Jewel will offer more to do. Titanium and precious metal that 's an exotic prospect. A premium product to bring Palm's North America stock to premium levels.
The prospects are very exciting for the customer and shareholder.
E-T
e-tellurian
Completing the e-com circle with a people driven we-com solution
WiFi & BT? No strings attached
we_tellurian@canada.com
RE: Jump to where?
Do not have the time this time to play. There are others you can play with.
Last time you cried to Ryan he helped you out. Ryan is too busy for your tears try to suck it up.
No more tears ok. Sorry, for Ryan's sake i'll stay out of your threads.
Peace,
E-T
e-tellurian
Completing the e-com circle with a people driven we-com solution
WiFi & BT? No strings attached
we_tellurian@canada.com
RE: Jump to where?
mikecane @ 4/17/2010 9:00:19 AM # Q
Listen, you warped shit, STAY OUT of my threads. You are a waste of electrons!
Unkind and vicious attack, mikecane; completely uncalled for.
You should be aware that unlike VOR, the doppelganger FJH, or "Mr. Cerveza," ET has never ripped you a new one or insulted you.
You should learn the difference between the rapier of wit and the bludgeon of insolence. Attacking the harmless is certainly beneath you or anyone else on this forum. You owe ET an apology!
RE: Jump to where?
wow :) what did i miss?
--
Aaron Ardiri
PalmOS Certified Developer
RE: Jump to where? Twitter
W.r.t. "the entire management team" getting those chunk of shares, for some reason Way Ting, SVP of Systems Software, has totally disappeared and Mary Doyle, Counsel, also did not get a chunk (yet). It would be interesting to know why not.
RE: Jump to where?
It was MEANT to be unkind, vicious, and it WAS called for.
This mental case has been like vandalism here, offering ZERO insights. He has been a blight on the forums for **years** and now he's gone top level.
RE: Jump to where?
And in this case, he promised to stay out of your posts, so since he did what you asked, it would be quite nice to say thanks.
So, that went well, huh?
http://blog.palm.com/palm/2009/04/got-opinions-become-a-real-reviewer-and-get-a-new-phone-courtesy-of-palm.html
And it was April 29 of last year.
So... what did that accomplish?
Well, from what I've seen, it explains why I wasn't chosen. Apparently they wouldn't have stood a chance with me.
Next!
Another SVP is out apparently
http://www.engadget.com/2010/04/23/another-palm-exec-is-out-and-ceo-jon-rubinstein-is-next/
Note - I have never heard of this position nor person; she certainly is not considered a senior executive/officer requiring SEC filings, etc.
Note, part II - Way Ting =was= a senior executive/officer (also a SVP) in charge of System Software. At some time in the not-distant past, his position/responsibilities became subordinate to Abbott's, then he himself started reporting direct to Rubinstein - both without notice. He is no longer considered a senior executive/officer.
RE: Another VP is out apparently
RE: Another VP is out apparently
[edit function anyone?...]
RE: Another SVP is out apparently
Now Asus is touting an upcoming Tegra-based tablet, summer Show&Tell with Q3 release. And although the OS wasn't mentioned, Tegra these days = Android. What a shame. It should be webOS on there.
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