Phil McKinney, the ex CTO at HP, is also known as an ace innovator in the industry. He left HP last year to pursue his “other interests”.
His book Beyond the Obvious: Killer Questions That Spark Game-Changing Innovation promotion saw an interview of his with fellow author Rick Mathieson. According to McKinney
[The Palm acquisition] was going to be a long term effort. Palm was struggling and HP was stepping in, doing the acquisition, and we were basically going to take three years hands-off. Palm was basically going to get cash infusions, resources, and expertise. But Palm was going to be given three years to basically get itself positioned to be a market leader in its space. Now, fast forward to July of 2011 and, one, you had a swap out of the CEOs – Leo comes in as the new CEO – and HP, for whatever reason – I was not a part of this decision – made the decision to kill it, one year into the three year program. This is an example of not committing long term to the resources and not having patience for innovation.
McKinney was in the core team that was responsible for the acquisition of Palm, but he was not there when the plug was pulled.