WOODRIDGE, Ill.–Richard Conti has resigned as chief executive officer of Wilton Brands.
Jerry W. Levin, the company’s chairman, will serve as interim CEO. A Wilton statement said a search has already begun for Conti’s replacement.
The resignation occurred two weeks after Wilton Holdings, the company’s parent, reached an agreement with TowerBrook Capital Partners and Deutsche Bank Trust Co., the company’s largest creditors, to recapitalize Wilton Holdings with TowerBrook and Deutsche Bank Trust becoming its majority owners.
In a Wilton statement, Conti said, “The board (of directors) and I both feel that Wilton’s new owners should have the opportunity to establish a new CEO leadership for the company.”
Conti became CEO of Wilton last December, succeeding Steven Fraser. His background includes 22 years with Clorox, in which he served in executive positions overseeing the consumer-products giant’s seasonal, pet, auto-care and food products.