With Impending Sale to Taylor Corp., Joseph Morgan Resigns as CEO of Standard Register
DAYTON, Ohio—June 22, 2015—At least one of Standard Register's 3,700-odd employees won't be on board when the company is officially acquired by Taylor Corp., and it just happens to be the firm's top executive.
Joseph Morgan, president and CEO of Standard Register, notified the company's board of directors that he was resigning effective June 26, the Dayton Daily News reported. Morgan told Standard Register's board of directors that he was taking an executive position with another, unnamed, firm, but will assist in the transition process beyond his departure date, the paper said, quoting an email sent to employees.
"I am very proud of what we have accomplished during my 14 years with the company and believe with confidence that the future of this company is in good hands with our new owners," Morgan wrote in the email to employees.
Taylor Corp. announced that Kevin Carmody would serve as interim chief executive at Standard Register. Carmody was appointed chief restructuring officer at Standard Register last February.
Last week, North Mankato, Minnesota-based Taylor Corp. was named the winning bidder for Standard Register in a bankruptcy auction, topping Silver Point Capital with a negotiated bid of $307 million. Silver Point Capital is a Standard Register stakeholder.
The deal, which is subject to resolution of outstanding objections before the U.S. Bankruptcy Court in Delaware, is expected to be completed within 60 days.
Standard Register ranked ninth on the 2014 Printing Impressions 400 with sales of $719.78 million. The Daily News estimates that the privately-held Taylor Corp. posts $1.3 billion in annual sales, with more than 9,000 employees.