Wilton Brands CEO Resigns
New Owners to Choose New Leader
By Staff -- Gifts & Decorative Accessories, 10/26/2009 9:45:00 AM
Woodridge, IL – Richard Conti, CEO of Wilton Brands Inc. resigned effective October 31. Jerry W. Levin, the company's chairman, will serve as interim CEO until a permanent replacement is found. Wilton is best known to the gift industry for its ownership of scrapbooking brands E K Success and K & Company, though it also has baking, wedding and seasonal products and the Martha Stewart Crafts line.On October 12, Wilton's parent company Wilton Holdings Inc. got new owners: affiliates of TowerBrook Capital Partners L.P. and Deutsche Bank Trust Company Americas. These were the company’s biggest creditors, and took over the company in exchange for recapitalization. (Affiliates of GTCR Golder Rauner II, L.L.C. will continue to hold a minority share of the business.) TowerBrook and Deutsche Bank therefore withdrew the involuntary Chapter 11 petition they’d filed against Wilton on July 17 with the United States Bankruptcy Court for the District of Delaware.
"The board and I both feel that Wilton's new owners should have the opportunity to establish new CEO leadership for the company," Conti said in a statement.
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