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Palm Software Supremo Leaves Smartphone Maker

According to a US Securities and Exchange board filing made by smartphone maker Palm Inc., it has been indicated that the ailing company's chief of software and service Michael Abbott has resigned from the company, amidst speculations that the company is looking for potential buyers.

Meanwhile, the company also informed the regulator in its filing that it was formulating an employee retention plan in order to avoid any more exits by its key employees. The retention plan will constitute of a series of bonuses and pay rises.

The Security Exchange board filling made by the company read that “The programme includes equity awards and cash bonuses to be earned over a two-year period, provided that the individuals remain as employees of the company.”

As a part of the retention program, the company's Chief Financial Officer Douglas Jeffries and senior vice president of global operations, Jeffrey Devine have received a cash bonus of $250,000.

Industry experts believe that the company is working towards stabilising its operations before it can start the process of getting back into the smartphone race.

Several industry insiders claim that the company is in secret talks with other information technology firms, in order to sell it off, with the potential buyers being HTC Corp. and Lenovo.