Exiting palmOne CEO Getting Cash Windfall
A article on TheStreet.com points out recent papers palmOne filled with the SEC regarding exiting CEO Todd Bradley's compensation package. Bradley will walk away from palmOne with a check for over $2.4 million dollars and the company will take a 3.2 million dollar charge related to his severance package.
The full article can be found here. Excerpts:
The company plans to take a $3.2 million charge related to the severance package in its fiscal third quarter.[...]
Since that warning, palmOne's shares have lost 40% of their value. That plunge includes a further drop on Thursday, when the company's stock closed regular trading off $1.06, or 4%, to $25.39.
SEC Statement
Item 1.01 Entry into a Material Definitive Agreement.
On January 24, 2005, palmOne, Inc. ("palmOne or the "Company") entered into a separation agreement (the "Agreement") with R. Todd Bradley, its Chief Executive Officer. Pursuant to the Agreement, Mr. Bradley will remain with palmOne as the Chief Executive Officer through February 25, 2005 and as an employee advisor through June 3, 2005, will receive salary and bonuses of between approximately $2.4 million and approximately $2.8 million and has agreed to non-competition and non-solicitation provisions. In addition, as of June 3, 2005, all of Mr. Bradley's unvested shares of palmOne restricted stock and a portion of his unvested options to purchase shares of palmOne common stock will have their vesting accelerate. The Company anticipates that the Agreement will result in an unforecasted charge to earnings of approximately $3.2 million in the Company's fiscal quarter ending February 25, 2005.
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HUH?!?!?!?!
He brought short term results, and is getting a long term paycheck for it.
_________________
Sean
Always remember that you are unique. Just like everyone else.
RE: HUH?!?!?!?!
_________________
Sean
Always remember that you are unique. Just like everyone else.
RE: HUH?!?!?!?!
Don't like it? Become a CEO...
CEOs everywhere negotiate fabulous exit packages. Did you hear about the CEO of Mattel Jill Barad's severance package?
http://www.findarticles.com/p/articles/mi_m5072/is_24_22/ai_62991050
She pretty much bottomed out Mattel with the purchase of the Learning Company. The board of directors had to fatten her exit strategy to get her out of there faster.
http://www.findarticles.com/p/articles/mi_m5072/is_24_22/ai_62991050
NX70 addict...
Bradley has left the building
You shareholder suckers!
SUCKERS, I say!
Nothing compared to Disney's ex-Pres Michael Ovitz
Rumor: Tapwave exec exit
This can't be good news, can it?
================
Topic: Tapwave Executive Producer steps down? Date: 29/1/2005 (18:00)
I have no idea if this is true but the email has just been sent to me- "Executive Producer Mitzi McGilvray is stepping down from Tapwave Feb 1st for an undetermined amount of time."
Ridiculous
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