The Newell Rubbermaid dynasty at O'Sullivan Industries appears to be over.
Crisis management specialist Jim Malone, founding managing partner of Qorval LLC, has been named president and CEO, according to a company news release. Malone replaces Rick Walters who had served as head of the company since illness forced Bob Parker to step down. Both Walters and Parker came to O'Sullivan Industries from Newell Rubbermaid. The following information about Walters was filed with the Securities and Exchange Commission (SEC) in April.
Rick A. Walters, 42, was appointed President and Chief Executive Officer of O'Sullivan Industries Holdings, Inc., O'Sullivan Industries, Inc.,
O'Sullivan Industries - Virginia, Inc. and O'Sullivan Furniture Factory Outlet, Inc. on April 19, 2006 and as a Director of each company on April 12, 2006. Previously, he served as Executive Vice President and Chief Financial Officer of O'Sullivan Holdings, O'Sullivan Industries, O'Sullivan Virginia and O'Sullivan Furniture Factory Outlet, Inc. from his appointment in June 2004. He was named Interim Chief Executive Officer on October 31, 2005. He was also a director of O'Sullivan Furniture Factory Outlet, Inc.
Prior to his appointment at O'Sullivan, he served as Group Vice President and Chief Financial Officer of the Sharpie/Calphalon Group at Newell Rubbermaid from 2001 to 2004. From 1998 through 2001, he was Vice President and Controller of Newell Rubbermaid's Sanford Corporation."
Malone was appointed to the O'Sullivan Board at the same time the company came out of its Chapter 11 bankruptcy. The following information about him was filed April 17 with the SEC:
"Mr. Malone is the founding managing partner of Qorval LLC. Qorval provides restructuring, turnaround, crisis and interim management services to underperforming companies. Prior to founding Qorval, Mr. Malone was a founding partner of Bridge Associates LLC and headed the crisis consulting team for INACom Corporation."