A new official has joined the upper ranks at O'Sullivan Industries, the city of Lamar's biggest employer, according to a company filing today with the Securities and Exchange Commission. Kelly D. Terry has been hired as senior vice president, operations.
Million-dollar CEO Bob Parker and the rest of the top officials at O'Sullivan looked far and wide for the new hire, searching from east coast to west coast, from Canada to Mexico, and finally found him working for Newell Rubbermaid, the same company from which O'Sullivan found Parker, and two other recent top hires.
According to the filing, "Mr. Terry, age 39, served as vice president, operations of Rubbermaid Commercial Products, a division of Newell Rubbermaid Corporation that manufactures and markets industrial/commercial waste, cleaning, medical and transport products. From May 2000 through June 2003, he was vice president, operations of Shur-Line, another division of Newell Rubbermaid that manufactures and markets paint applicators. From 1998 through May 2000, Mr. Kelly was a plant manager of Sanford, a division of Newell Rubbermaid that manufactures and markets writing instruments."
Terry will pull down a salary of $195,000 a year, according to the filing, but he will receive some additional perks. Since it is hard to make ends meet on $195,000, he will also receive $8,000 for an automobile allowance and a guaranteed bonus of $10,000 for 2005. Plus, he is eligible for an additional bonus of approximately $100,000 if he hits his target under the company's incentive compensation plan.
He also will be eligible to be a part of employee benefits and welfare plans, including the savings and profit sharing plan and the deferred compensation plan, according to the filing. The company is also paying Terry's moving expenses to Atlanta, the location of O'Sullivan's new corporate headquarters and Terry has an option to buy 7,500 shares of O'Sullivan's Class A common stock.