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Palm Cuts More Jobs, Names New COO

June 1, 2001

SANTA CLARA, Calif. (AP) _ Handheld device maker Palm Inc. said Friday it will cut additional jobs in the current quarter.

The company did not specify how many positions would be eliminated but said it would release more details when it reports its fourth-quarter and year-end results during the week of June 25.

Struggling with the slowing economy and inventory problems due in part to its recent introduction of new product models, Palm had already cut 300 regular and contract workers last month, bringing its work force down to 1,700.

Palm said it was starting to see an ``uptick″ in sales with its new products, but said the additional job reductions will ``bring its cost structure closer in line with business conditions.″

Palm also said it has hired Todd Bradley, formerly executive vice president of global operations at Gateway Inc., to be executive vice president and chief operating officer for Palm’s Solutions Group. That group handles Palm’s hardware products. A different group handles Palm’s licensing business.

Bradley, 42, has also held executive positions at GE Capital Corp., Dunn and Bradstreet Corp., and Federal Express Corp. He replaces Satjiv Chahil.

Chahil, Palm’s chief marketing officer, was appointed in March to also serve as interim head of the Solutions Group.

Shares of Palm were up 41 cents to $6.04 in afternoon trading on the Nasdaq Stock Market.

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On the Net:

http://www.palm.com

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