A judge from the U. S. Bankruptcy Court for the Northern District of Georgia Friday approved O'Sullivan Industries officials' request to hire a "temporary chief information officer."
The approval was actually for a contract with Executive Search Partners, a so-called headhunter company that finds executives for companies in need of them.
A letter from Gary Erickson, managing partner of Executive Search Partners, was included in the court file. Erickson wrote, "Executive Search Partners is pleased to confirm the assignment of Mr. Richard R. Lefebvre to provide professional software consulting services (the chief information officer description is used in other places in the court documents) to O'Sullivan Industries for a period of four months. Mr. Richard R. Lefebvre start date will be Nov. 30 (note: The start date was two days before the court approved the hiring. O'Sullivan had also already paid Executive Search Partners $8,000 to conduct the search, court documents indicate.)"
The letter continues, "The direct labor rate for Mr. Richard R. Lefebvre is $130 per billable hour plus reimbursement of documented expenses to include travel, meals and lodging, 50 percent of travel time will be included in billable hours. Because of O'Sullivan Industries' current financial condition, all work shall be paid for in advance, according to the following formula:
-"Prior to commencement of work each week, O'Sullivan Industries will pay Executive Search Partners $8,000. This amount should be sufficient to cover the total expenses for the above named consultant for up to 45 billable hours plus travel and living expenses. To facilitate payment, O'Sullivan Industries can Fed Ex a check to the address listed below.
-"ESP will provide documentation of actual expenses and hours worked bi-weekly.
-"At the end of each four-week period, Executive Search Partners will reconcile actual expenses versus payments received and provide a separate net bill to O'Sullivan Industries. If there is a credit, ESP will refund such credit to O'Sullivan Industries. If there is an amount owing, O'Sullivan Industries will pay such amount within seven business days."
Another document confirms that the company is expected to receive a maximum average monthly compensation of $32,000.
Randy
ReplyDeleteThe chief information officer is in charge of the computer systems. There seems to have been quite an exodus of MIS staff in the last few months. However, I believe they all left on their own accord - good for them!
I will do a little editing on the post. Thanks.
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