Key exec leaves beleaguered Palm amid reports that floundering outfit is up for sale

invisibleSHIELD case for iPad“Palm implemented an executive-retention plan Friday as a key leader decided to move on amid reports that the company is up for sale,” Tom Krazit reports for CNET.

“A company filing with the Securities and Exchange Commission late Friday [notifies] investors that Michael Abbott, senior vice president of software and a key representative before developers, is leaving the company,” Krazit reports. “In a separate but definitely related statement, Palm said it has given senior executives incentives to remain with the company for two years, including $250,000 in cash for its chief financial officer and senior vice president of global operations.”

Krazit reports, “It’s looking more and more like Palm is getting ready for big changes following a devastating earnings report last month. Earlier this week, reports surfaced that the company is shopping itself to potential buyers that include Lenovo, HTC, and Huawei, among others.”

Full article here.

MacDailyNews Take: What we wrote nearly 15 months ago, just after beleaguered Palm unveiled their Palm Pre and webOS: Palm’s Pre dog and pony show is nothing more than takeover bait. They simply do not have the resources necessary to create another mobile platform, especially one that is superfluous. If Palm’s Pre is not a ruse, then those responsible are kidding themselves.MacDailyNews Take, January 21, 2009

31 Comments

  1. There is something at Palm that deserves to be around more so than some of the other big names involved. But, such is the right to fail.

    Maybe they’ll get another bailout.

    In which case, they’ll just die later from poor decision-making.

  2. @Jim:

    I think MDN must have a macro that takes every instance of “Palm” and auto-replaces it with “beleaguered Palm.” Every… single… time.

    Just ribbing you MDN; it’s damned nice to have a ” width=”19″ height=”19″ alt=”wink” style=”border:0;” />

    Keep up the good work!

  3. “Palm said it has given senior executives incentives to remain with the company for two years, including $250,000 in cash for its chief financial officer and senior vice president of global operations.”

    Wow, that’s just wrong on so many levels.

    Could you imagine working at Palm and having your boss come up to you and say they want to make sure you’ll stay with them for the next two years? I hope they were wearing appropriate rain gear to protect them from the massive spit takes.

    They’re offering $250,000 in cash??? Do they have any idea how many phones they’d need to sell to raise that kind of cash…Do they even know what it would feel like to sell $250K in phones???

    But hey, I can kind of understand wanting to reward the top notch talent that got them where they are today!

    Would it be wrong for Apple to give management at Microsoft cash for staying there?

  4. @Macslut

    It depends when they get the 250,000? Now and they have no reason for still staying on the “Titanic” that is Palm, or Later and there probably will be no money left to honor that pledge.

  5. Lots of those guys have a history of defecting anyway. I wouldn’t have expected any less of them.

    Which ever company is considering purchasing Palm for their engineering talent better think hard because there’s no say as to how long these people will stay on board after the purchase.

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