PITTSBURGH Brian G. Donaghy has resigned as president and chief operating officer of Industrial Services of America Inc. (ISA), according to a June 17 Securities and Exchange Commission filing.
Donaghy, who exited the Louisville, Ky.-based scrap metals recycler and processor June 11, couldnt be reached for comment. No reason was given for his departure.
ISA chairman Orson Oliver will serve as president and chief executive officer on an interim basis.
The chief executive role still needs to be filled on a permanent basis following the retirement of company founder Harry Kletter in early May (amm.com, May 9). The company had said it was negotiating with Jonathan S. Blue on the terms and conditions for him to take the helm (amm.com, May 16). That followed an earlier announcement that Blues private equity company would be assuming a lead role in managing the company (amm.com, April 1).
Donaghy will be paid $12,500 per month to act as a consultant for between six and 12 months, and cannot accept employment from certain unnamed competitors during the consulting period. He has been released from a no-compete agreement on the condition that he not recruit from ISAs work force for two years after formally ending all ties with the company.
Donaghy had served as president and chief operating officer since August 2007 after selling his company, Louisville-based Industrial Logistics Services LLC, to ISA for more than $1 million (amm.com, Aug. 7, 2007). Industrial Logistics specialized in scrap metal and waste transportation, generating $2 million in annual revenue.