CEO Todd Bradley to Resign; Ed Colligan, President, Named Interim CEO
MILPITAS, Calif., Jan 24, 2005 /PRNewswire-FirstCall via COMTEX/ -- palmOne, Inc.
(Nasdaq: PLMO) today announced that its chief executive officer, Todd Bradley,
has resigned, effective at the end of the quarter. Bradley will remain with
the company in an advisory role through May, the end of the fiscal year, to
ensure a smooth transition. Ed Colligan, the company's president, will assume
the role of interim CEO while a search is conducted for Bradley's permanent
replacement. Colligan is a candidate for the permanent position.
"I've accomplished what I set out to do," Bradley said. "The company is on
a growth path, our product portfolio is exciting and competitive, and I have
great confidence in the company's current and future prospects. palmOne has an
excellent management team and talented employees to carry the business
forward. I feel the time is right for me to move on to another challenge."
Eric Benhamou, palmOne chairman of the board of directors, thanked Bradley
for his contributions, which include restoring a sound financial foundation,
overseeing the return to revenue growth and profitability, introducing
innovative handheld-computing products and driving the acquisition and
integration of smartphone maker Handspring, Inc.
"Todd has accomplished his mission, and we thank him for the contributions
he made in steady financial improvements, in bringing innovation to the
product roadmap and in pursuing the right strategic objectives, including the
acquisition of Handspring," Benhamou said. "The company now is positioned for
profitable growth and success. We respect Todd's desire to move upon
completion of this key milestone, and appreciate his willingness to support
the company through the transition to its next CEO."
palmOne President Ed Colligan, 43, will assume the chief executive officer
role on an interim basis at the beginning of the company's fourth fiscal
quarter. Colligan has had a broad array of marketing, sales,
product-development and general-management experience through his 20 years in
the technology business.
"Ed is responsible for bringing to market category-defining
handheld-computing and communications products, including the widely
acknowledged, category-leading Treo(TM) family of smartphones. He has provided
outstanding leadership to palmOne, first as general manager of the Wireless
Business Unit and then as president of palmOne," Benhamou said. "I have every
confidence that he and Todd will collaborate for a smooth transition."
Bradley, 46, will remain as chief executive officer until the current
fiscal quarter ends Feb. 25, and he will remain in an advisory role with the
company through the fiscal year end. He joined Palm, Inc. in June 2001 as
chief operating officer of Palm Solutions Group and was promoted to president
of Palm Solutions Group in May 2002. He became president and chief executive
officer of palmOne, Inc. in October 2003 when Palm, Inc. spun off PalmSource,
the operating-system business, and acquired Handspring, Inc.
Colligan, formerly president and chief operating officer of Handspring,
Inc., joined palmOne, Inc. as senior vice president and general manager of the
Wireless Business Unit in October 2003 upon the acquisition of Handspring. He
was named president in June 2004.
Cautionary Note Regarding Forward-looking Statements
This press release contains forward-looking statements within the meaning
of the federal securities laws, including, without limitation, statements
regarding our ability to grow our business, to be profitable and our future
prospects. These statements are subject to risks and uncertainties that could
cause actual results and events to differ materially, including, without
limitation, the following: fluctuations in the demand for palmOne's existing
and future products and services and growth in palmOne's industries and
markets; possible defects in products and technologies developed; palmOne's
dependence on wireless carriers; palmOne's ability to timely and
cost-effectively obtain components and elements of our technology from
suppliers; palmOne's ability to compete with existing and new competitors. A
detailed discussion of these and other risks and uncertainties that could
cause actual results and events to differ materially from such forward-looking
statements is included in palmOne's most recent filings with the Securities
and Exchange Commission, including its Quarterly Report on Form 10-Q for the
fiscal quarter ended November 26, 2004 and its Annual Report on Form 10-K for
the fiscal year ended May 28, 2004. palmOne undertakes no obligation to update
forward-looking statements to reflect events or circumstances occurring after
the date of this press release.
About palmOne, Inc.
palmOne, Inc. -- a leader in handheld computing and communications
solutions -- strives to put the power of computing in people's hands so they
can access and share their most important information. The company's products
include Zire(TM) and Tungsten(TM) handhelds and Treo(TM) smartphones, software
and accessories.
palmOne products are sold at The palmOne Store (http://store.palmOne.com/)
and palmOne Retail Stores, and through select Internet, retail, reseller and
wireless operator channels throughout the world.
More information about palmOne, Inc. is available at
http://www.palmOne.com .
NOTE: palmOne, Zire, Tungsten and Treo are among the trademarks or
registered trademarks owned by or licensed to palmOne, Inc. or its
subsidiaries. All other brand and product names are or may be trademarks of,
and are used to identify products or services of, their respective owners.
SOURCE palmOne, Inc.
Dave Vadasz, investor relations, +1-408-503-7200, or dave.vadasz@palmOne.com, or
Marlene Somsak, media relations, +1-408-503-2592, or marlene.somsak@palmOne.com, bot
of palmOne, Inc.
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