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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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I know I'm a Palm fanboy but

hgoldner @ 4/16/2010 2:46:30 PM # Q
....it does seem like even the rats are starting to abandon ship.
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It is MUCH worse than that

SeldomVisitor @ 4/16/2010 2:48:50 PM # Q
The SVP of Global operations was going to leave - Palm threw money at him to tay.

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
Ryan @ 4/16/2010 3:41:33 PM # Q
thanks SV, It doesn't specifically state that they were going to leave, though that is a reasonable presumption. What's your analysis on that overall?
RE: It is MUCH worse than that
SeldomVisitor @ 4/16/2010 4:30:03 PM # Q
The SVP of Global had been predicted to leave in January since he was selling massive amounts of stock - that wasn't a real surprise.

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
SeldomVisitor @ 4/16/2010 4:44:39 PM # Q
Well, now we KNOW how much restricted stock they handed out to executives (no idea about non-executives but you KNOW there had to be quite a few) - for some, more than a quarter million shares.

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_tellurian @ 4/16/2010 5:20:17 PM # Q
This is quite a storm Palm is weathering. It is good that Palm is a strong North American brand.

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: It is MUCH worse than that
LiveFaith @ 4/16/2010 10:08:08 PM # Q
Good work SV.
Pat Horne
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Jump to where?

mikecane @ 4/16/2010 5:56:04 PM # Q
To what company would they have jumped?

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?
e_tellurian @ 4/16/2010 7:05:32 PM # Q
Palm is one of those North American enterprises that just won't quite. Even when others want to quite Palm just keeps going.

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?
mikecane @ 4/17/2010 9:00:19 AM # Q
Listen, you warped shit, STAY OUT of my threads. You are a waste of electrons!
RE: Jump to where?
e_tellurian @ 4/17/2010 6:49:50 PM # Q
mikecane, thanks for your thoughts.

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?
writerscramp @ 4/18/2010 3:43:25 PM # Q
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?
ardiri @ 4/18/2010 10:56:43 PM # Q
Listen, you warped shit, STAY OUT of my threads. You are a waste of electrons!

wow :) what did i miss?
--
Aaron Ardiri
PalmOS Certified Developer

RE: Jump to where? Twitter
SeldomVisitor @ 4/20/2010 5:45:01 AM # Q
http://techcrunch.com/2010/04/19/twitter-palm-abbott-pass-cto/

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?
mikecane @ 4/23/2010 6:17:07 PM # Q
>>>Unkind and vicious attack, mikecane; completely uncalled for.

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?
nastebu @ 4/23/2010 7:37:40 PM # Q
Mike, not like vandalism. Vandalism is intent to damage. ET, whatever the value of his posts, really does try to contribute. And as was pointed out above, he never attacks anyone.

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.

Reply to this comment

So, that went well, huh?

mikecane @ 4/17/2010 9:05:50 AM # Q
Got opinions? Become a Real Reviewer (and get a new phone courtesy of Palm)
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!

Reply to this comment

Another SVP is out apparently

SeldomVisitor @ 4/23/2010 4:50:29 PM # Q
== "...this time it's Caitlin Spaan, Palm's VP of carrier marketing..."

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
SeldomVisitor @ 4/23/2010 5:06:47 PM # Q
I checked her LinkedIn profile - she's a VP, not SVP, so the TechCrunch article got it wrong.

RE: Another VP is out apparently
SeldomVisitor @ 4/23/2010 5:29:34 PM # Q
Actually, I don't know who got the SVP bit wrong, however she IS/WAS a VP...apologies to TechCrunch for pointing a finger at them.

[edit function anyone?...]

RE: Another SVP is out apparently
mikecane @ 4/23/2010 6:14:59 PM # Q
I really thought the new Palm would outlast Nokia. Looks like that won't be the case.

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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