The Palm Anti-Brain-Drain Filings: Collect the Entire Set!

As short as the following filings from Palm yesterday are, they say a lot about the current forecast for the troubled handset maker, which is reportedly seeking a buyer:

Cloudy with a definite chance of talent exodus.

In an 8-K regulatory filing with the Securities and Exchange Commission, Palm (PALM) revealed that software head Michael Abbott will be gone by the end of next week.

This is a big move, as Abbott was in charge of development for software and services and the chief cheerleader for its webOS.

To stop other top execs from racing for the exits, Palm finds that it needs to slather on two-year retention packages, including large cash bonuses and restricted stock units.

The company filed plans to do that for six of its top managers: CFO Douglas Jeffries; SVP of Global Operations Jeffrey Devine; SVP of Product Development Michael Bell; SVP Worldwide Sales Dave Whalen; SVP of Brand Design Jeffrey Zwerner; and SVP of Product Marketing Kate Mitic.

Apparently, other execs were also loaded up, without the need for filings.

In any case, you can see it all below in black and white:

8-K

Jeffries

Devine

Bell

Whalen

Zwerner

Mitic

Anonymous

If you knew anything about mergers you’d know the first thing they do is retain talent.
drpangloss9

This is an odd scenario. The guys who've done such a poor job running Palm are now being paid to stick around so that the company, which appears to be failing, can be sold?
jbelkin

I could see retaining the hardware and UI people but clearly, their product & marketing person should be clear to leave … just like in the recent banking debacle – don't really understand why you want to retain the people who ran the ship aground in the first place – maybe it's time for fresh blood – palm pre's is a stupid name – PRE (precursor) to what exactly? And their launch campaign with that really pale creepy woman – WTH was that – maybe they need BETTER product and marketing people

The Palm Anti-Brain-Drain Filings: Collect the Entire Set!

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