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 beon 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.