Palm software and services head Michael Abbott is set to resign his position during the next week, according to a filing with the US Securities and Exchange Commission.
“Palm is implementing a retention program for certain key employees, including executive officers,” the filing continued. “The program includes equity awards and cash bonuses to be earned over a two year period provided that the individuals remain as employees of the company.”
It is understood Palm is currently putting itself up for sale, according to a Bloomberg report. It is not yet known the extent to which Abbott’s planned departure and the rumoured company sale are related.
The past few years have been disappointing for Palm. It’s Pre smartphone didn’t storm the market as many analysts predicted, and its latest third-quarter results which produced a net loss of $US22 million were marked as disappointing by investors.
Get daily business news.
The latest stories, funding information, and expert advice. Free to sign up.