It may not be anything to be concerned about, but during his May 6 quarterly conference call, O'Sullivan Industries' million-dollar CEO, Bob Parker, did more than just offer the usual praise for the new executives, mostly from Newell Rubbermaid, that he has brought into the company.
Kelly D. Terry, O'Sullivan's new senior vice president, had one particular asset that Parker felt obliged to mention during the call. "He built a complete manufacturing facility in China," Parker said. Terry, 39, did that while serving as vice president, operations of Rubbermaid's Commercial Products. Terry was hired at O'Sullivan at a salary of $195,000 a year, plus an $8,000 automobile allowance, and a guaranteed bonus of $10,000 for 2005. He is also eligible for an additional bonus of $100,000 if he hits his target under O'Sullivan's incentive compensation plan. He has an option to buy 7,500 shares of O'Sullivan stock.