RTA executive shakeups: Rubbermaid exec Parker named CEO of O'Sullivan

LAMAR, Mo.— Richard Davidson, the top executive at O'Sullivan Inds. for eight years, has resigned.

Robert Parker, previously chief operating officer for a Newell Rubbermaid division, succeeds him as president and CEO at the highly leveraged maker of ready-to-assemble furniture. He

Davidson will remain a member of O'Sullivan's board and will assist during the transition.

The challenges confronting flat-pack furniture makers in general in recent years have been difficult for O'Sullivan in particular.

Sales peaked in fiscal 2000 at $423.4 million, but with declining demand in once-hot categories and a shrinking base of retailers selling RTA, the figure has fallen more than 25%.

For the first nine months of its current fiscal year, through March 31, sales of $209.9 million are down 11.6% from a year earlier. The company is projecting fourth-quarter sales comparable with last year's fourth quarter.

Davidson said O'Sullivan "continues to move forward with several important initiatives that are beginning to create new top- line growth and improving profitability for the company."

At Newell Rubbermaid, Parker, 58, was chief operating officer of the Sharpie/Calphalon Group since September. From August 1998 through August 2003, he was group president of Newell Rubbermaid's Sharpie business segment. From 1990 to 1998, he was president of Sanford Corp., which Newell acquired.

"Attracting a CEO candidate with the industry stature of Robert Parker is testament to what we think is the unrealized potential of O'Sullivan Furniture," said Harold Rosser, an O'Sullivan board member and managing director of Bruckmann, Rosser, Sherrill & Co., majority equity holder of O'Sullivan. "Bob's intimate knowledge and dealings with many of the largest retail chains in the world will be invaluable as he begins the process of transforming O'Sullivan Furniture into a stronger company for the future."

Parker said he's excited about the job.

"During the past few years, the RTA furniture industry as a whole has been dealt many challenges," he said. "These times provide an opportunity for O'Sullivan Furniture to build on the company's current strengths and to continue its role as an industry leader in the future."