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Wilton Brands Inc., a developer, wholesaler and e-retailer of bakeware and related products, announced that Richard Conti is resigning as CEO. Jerry W. Levin, the company`s chairman, will serve as interim CEO until Wilton hires a permanent replacement.
Wilton Brands Inc., a developer, wholesaler and online retailer of bakeware and related products, announced that Richard Conti is resigning as CEO on Oct. 31. Jerry W. Levin, the company`s chairman, will serve as interim CEO until Wilton hires a permanent replacement.
Earlier this month, Wilton`s parent company, Wilton Holdings Inc. announced an agreement with its subsidiaries and largest creditors, affiliates of TowerBrook Capital Partners L.P. and Deutsche Bank Trust Company Americas, to recapitalize the company.
The company says the move will provide Wilton with improved capital, reduce debt and help it grow over the long term. As a result of the agreement, affiliates of the three creditors are the new majority owners of Wilton Holdings.
"The board and I both feel that Wilton`s new owners should have the opportunity to establish new CEO leadership for the company," Conti says. "I`ve enjoyed my time with Wilton and wish everyone continued success."
The company says it is beginning a search for a new CEO with an executive search firm. "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," Levin says.
Wilton sells online at Wilton.com