O'Sullivan Industries is in the midst of a bankruptcy,but it will fork over some extra money to its interim CEO.
According to documents filed today with the Securities and Exchange Commission, the O'Sullivan Board of Directors has increased the annual pay of Rick Allan Walters, formerly chief financial officer and now interim CEO from $250,000 annually to $350,000. Walters' contract also calls for a guaranteed $200,000 bonus, regardless of how well the company is doing, bringing his total take to $550,000 if he remains in the position for a year.
Walters, 42, is one of the former Newell Rubbermaid officials that CEO Bob Parker brought on board as he was systematically cleaning out every vestige of the company Tom O'Sullivan created. Parker has taken a leave of absence for medical reasons, according to an announcement made by company officials Tuesday and filed with the SEC today.
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