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Palm executive trio keeping busy |
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JOIN FORCES AT YET ANOTHER TECH COMPANY
For a part-time employee, Jeff Hawkins is getting paid pretty well these days.
The Palm co-founder is officially listed on the Sunnyvale company's Web site as a member of the executive team. However, Hawkins also co-founded in 2005 a privately held company, Numenta, which is attempting to commercialize his theories on neuroscience and pattern-recognition software.
"In addition to his work at Numenta, Jeff continues designing products at Palm," according to his bio on the Numenta Web site.
Since returning to Palm in 2003, Hawkins has collected $51.2 million by selling almost 4 million shares of his stock. Those sales include $5.4 million that he's collected by selling 339,000 shares in 2007. And he still owns about 2.1 million shares of Palm stock.
Two other former Palm executives have also been busy selling shares. In fact, along with Hawkins, co-founder and director Donna Dubinsky and Chief Executive Ed Colligan account for $87.4 million of the $108 million sold by Palm insiders since 2003. In 2007, the trio have sold $10.1 million worth of Palm stock.
Dubinsky has collected $27.5 million by selling 1.8 million shares of Palm stock since returning in 2003. That includes $2.2 million she has collected just in 2007 by selling 144,000 shares. Dubinsky still owns 1.8 million shares.
Colligan has collected $8.7 million by selling 564,254 shares since 2003. That includes $2.5 million he's collected in 2007 by selling 154,000 shares. Colligan still owns 128,028 shares.
Each insider is making pre-arranged sales under 10b5-1 plans.
The trio's history with Palm - and each other - is long and tangled. Hawkins is credited with developing the first Palm products in the early 1990s and bringing in Dubinsky to be chief executive. Colligan was hired as a marketing manager for the company, which was owned by U.S. Robotics. After 3Com bought U.S. Robotics, the threesome became unhappy and left in 1998.
Together, they founded rival handheld maker Handspring. 3Com spun off Palm as a separate company, which acquired Handspring in October 2003, bringing Hawkins, Dubinsky and Colligan back into the fold.
Since the trio returned, the company stock has risen from $8.75 per share on Oct. 29, 2003, to $17.44 on Friday. Revenues have also increased, from $242.5 million in the third quarter ending in February 2004 to $410.5 million in the third quarter ending Feb. 2007. Still, the company continues to face questions about possible competition from Apple's new iPhone and rumors that it has hired an investment bank to consider its strategic options.
Meanwhile, Hawkins, Dubinsky and Colligan are all involved in Numenta of Menlo Park. While Hawkins is listed as a founder, Dubinsky is chief executive and Colligan is a director.
Submitted Date: May 01, 2007
Source: MercuryNews.com
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