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PalmOne chief gives up board seat

PalmOne chief executive Todd Bradley will resign from his seat on the handheld maker's board of directors on Feb. 25.

PalmOne chief executive Todd Bradley will resign from his seat on the handheld maker's board of directors on Feb. 25, according to a Thursday filing with the Securities and Exchange Commission. Bradley will also be resigning as chief executive on Feb. 25, according to an announcement made on Monday. Bradley will remain a PalmOne employee serving as an adviser until June 3, 2005, the end of the company's fiscal year.

PalmOne's separation agreement with Bradley includes a salary and bonuses worth between $2.4 million and $2.8 million. Vesting for Bradley's unvested shares and unvested options in PalmOne will be accelerated as of June 3, 2005, and will result in an unforecasted charge to earnings of about $3.2 million in the quarter ending Feb. 25.