Wilton Brands Inc. Announces Resignation of Richard Conti, Chief Executive
Officer
WOODRIDGE, Ill., Oct. 26 /PRNewswire/ -- Wilton Brands Inc. ("Wilton" or "the
Company") today announced that Richard Conti has resigned as CEO, effective
October 31, 2009. Jerry W. Levin, the Company's current Chairman, will serve
as Interim CEO until a permanent replacement has been identified.
"The Board and I both feel that Wilton's new owners should have the
opportunity to establish new CEO leadership for the Company," commented Mr.
Conti. "I've enjoyed my time with Wilton and wish everyone continued
success."
Mr. Levin commented: "I want to thank Rich for his hard work and dedication
to Wilton and wish him the very best. We are beginning a search for his
replacement immediately and an executive search firm has been retained. I
would like to assure our employees, customers and vendors that we will not
miss a beat in this interim period and will continue our leadership in
creativity, innovation and dedication to customer service in the craft
industry."
As previously announced on October 12, Wilton's parent company, Wilton
Holdings Inc., and its subsidiaries consummated an agreement with their
largest creditors, affiliates of TowerBrook Capital Partners L.P. and Deutsche
Bank Trust Company Americas, to recapitalize Wilton Holdings. The
recapitalization provides Wilton Holdings with an improved capital structure,
a reduced debt burden, the ability to continue delivering great products and
quality service to customers every day, and the opportunity to focus on growth
over the long term. As a result of this agreement, affiliates of TowerBrook
Capital Partners L.P. and Deutsche Bank Trust Company Americas are the new
majority owners of Wilton Holdings.
About Wilton Brands Inc.
Wilton Brands Inc. ("Wilton"), based in Woodridge, Illinois, has united
multiple creative consumer products companies to produce a market leader with
a strategic focus on product innovation and quality. Wilton's product
portfolio includes food crafting, scrapbooking, and other craft products.
Wilton has the number one position in cake decorating, bakeware and tea
kettles. It offers the industry's most comprehensive and innovative selection
of baking, cake decorating, candy making, cookie making, wedding and seasonal
products. In addition, the company is the leader in scrapbooking as well as a
marketer of some of the craft industry's most respected brands of
embellishments, stickers, and punches through the E K Success and K & Company
product lines. The company also launched the Martha Stewart Crafts line in May
2007. More information can be found at www.wilton.com.
Media Inquiries
Steve Lipin / Gemma Hart
Phone: (212) 333-3810
Email: slipin@brunswickgroup.com OR ghart@brunswickgroup.com
SOURCE Wilton Brands Inc.
Steve Lipin, +1-212-333-3810, slipin@brunswickgroup.com, or Gemma Hart,
+1-212-333-3810, ghart@brunswickgroup.com
