So now it is
Todd Bradley, CEO of palmOne, who
is going to leave the company's executive house of horror.
Jun'04: Judy Bruner, former palmOne CFO, left palmOne to join SanDisk Corp.
Jan'05: Angel Mendez, still senior vice president and head of the company's Global Operations, is going to leave palmOne to join Cisco Systems.
Jan'05: Todd Bradley, still palmOne CEO, is going to leave palmOne in May-June '05.
What is going on inside palmOne? While they call it a
Leadership Transition, the terms
Leadership Leave-Taking seems more appropriate to me.
CEO Todd's leave will cost palmOne and its shareholders dearly, as
The Street reveals:
palmOne will give Bradley a severance check for somewhere between $2.4 million and $2.8 million, according to a regulatory document filed on Thursday. Additionally, the company will accelerate the vesting of all of Bradley's restricted stock and an undisclosed portion of his outstanding options when he leaves the company on June 3. [...] Bradley's stock and options holdings could turn out to be another boon for him. As of July, he held some 403,688 options, of which some 215,052 had an average exercise price of $11.20 a share, according to regulatory filings. The company awarded him another 150,000 options in October, according to the filings, but did not disclose the exercise price of those shares. At the time of that grant, the company's stock was trading at about $30 a share. As of last month, Bradley held at least another 31,760 shares of restricted stock.
Just do the math.