Golden parachute of the day…

Looks like today’s winner is Harold Covert, who tendered his resignation at OpenWave this week. In an 8-K filed Thursday, the company disclosed that Covert had resigned as chief financial offer. As parting gifts, he gets $700,000, a year of health and dental insurance, though its less clear from the filing exactly what happens to the remaining stock and options he holds.

The filing also included the company’s earnings for its fourth quarter of fiscaly year 2007, which ended in June. Turns out it was not the best of times for the Redwood City mobile software company. Revenue fell from $396.2 million in 2006, to $290.3 million in 2007.  

 
 

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