Senior Vice President of Software and Services Michael Abbott submitted his resignation on April 12. The same day Palm reportedly went up for sale due to a decline in profits since the release of one of its latest smartphones, the Pre.
The resignation was revealed after the company submitted a report to the U.S. Securities and Exchange Commission on April 16. Palm also discussed efforts to keep existing employees and executives.
Palm's senior Vice President of Global Operations Jeffrey Devine and senior Vice President and Chief Financial Officer Douglas Jeffries will receive a cash bonus of $250,000 as well a grant of restricted stock units. The incentives will be given over a two year period providing they do not leave the company.
Michael Abbott was the general manager of .Net Online Services at Microsoft before his move to Palm in 2008. His resignation will be effective April 26, 2010.