A 10 a.m. Dec. 14 hearing has been scheduled in U. S. District Bankruptcy Court for the Northern District of Georgia on O'Sullivan Industries' officials' request for a $100,000 pay hike for interim CEO Rick Walters, according to court documents filed Monday.
Walters is filling in for CEO Bob Parker who recently took a medical leave of absence. Both Parker and Walters came to O'Sullivan Industries from Newell Rubbermaid.
Under the terms of the proposed increase, Walters, who was already receiving $250,000 annually, as well as a guaranteed $200,000 bonus, would receive an additional $100,000, bringing his salary to $350,000.
The reasons for the request were outlined in the Nov. 18 Turner Report.
Another bankruptcy court filing Monday featured a bill for $221,878.96 for a consulting firm which has been helping the company through the bankruptcy process. According to the bill, the company's senior managing director receives $625 an hour. Fortunately, he worked less than a full hour.
On the other hand, a $580 an hour senior managing director billed the company $41,586 and a $560 an hour senior managing director billed O'Sullivan $44,658.
Nice work if you can get it.