Conti Resigns As CEO Of Wilton

Richard Conti has resigned as CEO of Wilton Brands Inc. Jerry W. Levin, the company’s current chairman, will serve as interim CEO until a permanent replacement has been identified.
According to a statement released by the company, both Conti and the board felt, “that Wilton’s new owners should have the opportunity to establish new CEO leadership for the company.”
According to the statement, an executive search firm has been retained and the company has begun a search for Conti’s replacement.
Earlier in October, Wilton Holdings Inc., and its subsidiaries consummated an agreement with their largest creditors to recapitalize Wilton Holdings, a move that reportedly provides Wilton Holdings with an improved capital structure, a reduced debt burden, the ability to continue delivering products and service to customers and the opportunity to focus on growth over the long term, the company said. 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.