Palm Chief Jumps Ship

Paul Lilly

The turbulent times continue for Palm. According to a regulatory filing the company made on Friday, Michael Abbott, Palm's Senior Vice President of Software and Services, will step down from his role on April 23, 2010. Abbott submitted his resignation on last Monday.

The handset maker has fallen on tough times as of late. Earlier this month, reports began to surface that Palm was looking for a buyer, with Lenovo and HTC named as possible suitors. Poor smartphone sales have led to a disappointing quarter and falling stock prices, whereas last year there was talk that Palm's Pre might end up an iPhone killer.

Whether or not Palm urged Abbott to step down isn't clear, but in the same filing, the company disclosed it had given a couple of other high level execs financial incentives to stay on board. Both Douglas Jeffries (senior VP and CFO) and Jeffrey Devine (senior VP of Global Operations) stand to receive a cash bonus of $250,000 and a grant of restricted stock units, all of which are to be given a over a two-year period so long as they stay.

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