C.R. Gibson President Resigns
By Staff -- Gifts & Decorative Accessories, 12/4/2007 6:33:00 AM
Nashville, TN — Joseph Moore, president and vice chairman of C.R. Gibson Inc. for the past seven years, decided not to stay with the company under its new ownership, citing family obligations. CSS Industries Inc. acquired the stationery and gift vendor and formed a new subsidiary, C.R. Gibson LLC.
Donald French was appointed president of C.R. Gibson LLC. French served for eight years with CSS Industries' Paper Magic Group Inc., most recently as vice president of marketing.
Christopher Munyan, president and CEO of CSS, said in a statement, “We were saddened by Joe’s decision not to continue with C.R. Gibson, and we wish him well in his future endeavors. However, we are fortunate to have Don accept the role of president of C.R. Gibson LLC. Don has been an integral part of the Paper Magic leadership team. We look forward to Don’s continued success in his new role.”
In an interview on the day of the announcement, Moore elaborated on his decision to resign. While the announcement was something of a surprise to the industry, the former C.R. Gibson president apparently had been planning it for some time. He told GDA that the decision was made early on in the conversation, when C.R. Gibson and CSS were discussing the values and economics of the acquisition.
“As a shareholder, my equity stake in the business created a really enviable position for me,” Moore explained. “I will absolutely miss all the teammates, the day-to-day interactions and the friendships. But I’ve been traveling quite a bit, and it was a good opportunity for me to get off the fast train.”
That doesn’t, however, mean that Moore plans to stop traveling — he just plans to do it with his family. “We’ve already got two ski trips planned and a safari in Kenya,” he said.
Moore was very much involved in the decision to sell C.R. Gibson to CSS. Munyan approached him with the offer, which Moore then took the offer to the chairman, who holds a majority stake in the company. “It was compelling in terms of a strategic fit; our team would remain intact, with no cannibalization of sales,” he said.
“This [resignation] is no reflection whatsoever on CSS, or on my expectations going forward. They have a great management team, and they offered a very attractive financial package for me to continue in the current role and run the business,” Moore said, “It has everything to do with my desire to take some time off.”
Said Moore, “I’ve needed to reduce my work and travel schedule for some time now. Certainly, I want to see that the transition to the new owner goes smoothly, but I am confident that business will continue as usual.”
Meanwhile, Moore referred to his newfound leisure as “a sabbatical,” implying that he may return to the industry.
