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Old 05-23-2005, 11:15 AM   #1
Alexander Turcic
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PalmSource CEO resignation comes as a surprise

Given the fact that this should be a happy week for PalmSource (the PalmSource DevCon begins tomorrow), it was making my hair stands on end when I just read at PalmAddicts that PalmSource CEO David Nagel has stepped down as president, chief executive officer and director.

Quote:
The company, in a statement, gave no reason for Nagel's departure, which was effective on Sunday. PalmSource officials could not be reached immediately for further comment.

PalmSource named Patrick McVeigh, 53, senior vice president, worldwide licensing, as interim CEO while the board searches for a permanent replacement.

Nagel, 60, will stay at PalmSource through mid-July in an advisory role.
PalmSource stock is already down by 1%, dangerously nearing the 52wk low of $8.25.

[via Reuters]
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Old 05-23-2005, 11:50 AM   #2
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You could say the timing wasn't chosen wisely.
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Old 05-23-2005, 12:41 PM   #3
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It makes me wonder if he didn't want to answer the tough questions at the conference or take any responsibility for the position of the company.

Not a good sign, at all.
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Old 05-23-2005, 01:44 PM   #4
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Actually, this is a great sign!

As anyone who has followed the course of Palmsource since Nagel signed on would agree that he was a "boat anchor" for the company. He lacked real clarity and vision in this industry.

I speak from experience here, because back in 2000, I spoke with him directly at Palmsource about the direction their tools were going, ignoring 2/3 of the operating system markets they could be embracing. He basically dismissed me like I was some sort of "reporter" with the media. He insisted "...everything is moving to Windows". I outlined for him a simple path to cross-platform tools and development that would give them better penetration into larger markets.

He ignored me then, and now look where they are... looking for cross-platform tools to increase their penetration in other markets.

No no, Nagel leaving Palmsource could be the best thing for them! Don't give up the ship yet... brighter things could be coming.
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Old 05-23-2005, 02:43 PM   #5
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I just talked to Bob who is already in San Jose for the Mobile Summit. He thinks this latest development will make the conference a lot more interesting. Also, it is perhaps not a bad move by Nagel to leave before it starts (tomorrow) to give the company the chance to talk and discuss the "leadership transition" with everyone else who is present and interested in PalmSource.
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