Standard Register Co. President and CEO Joseph P. Morgan Jr. has resigned, company officials announced Friday.
Morgan notified the Dayton-based company’s board of directors of his intent to leave Standard Register to accept a leadership role with another company, officials said.
In an email to employees obtained by the Dayton Daily News, Morgan said his resignation is effective June 26. Morgan also said he plans to move from Dayton in the near future and will assist in the company’s transition to its new owner, Minnesota-based Taylor Corp.
“I am very proud of what we have accomplished together 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 said in the email.
“The process of transition is fluid, but I can assure you that I have a very strong relationship with our new owners. We have agreed that I will assist beyond my departure date,” he said.
Morgan said he looks forward to speaking with employees during a Town Hall that will be scheduled in the next few days.
Kevin Carmody has been appointed Standard Register’s interim chief executive, according to a separate email to employees from Taylor Corp. CEO Deb Taylor and Board Chairman Glen Taylor. In February, Carmody was appointed Standard Register’s chief restructuring officer.
Morgan’s resignation came on the heels of Taylor Corp.’s announcement late Thursday that it will acquire the assets of Standard Register.
Taylor Corp. officials said the acquisition is the result of its successful bid for Standard Register through a bankruptcy auction held this week.
Final approval of the sale is subject to resolution of outstanding objections before the U.S. Bankruptcy Court in the District of Delaware. Pending that approval, the parties expect to complete the transaction within 45 to 60 days.
Attorneys said Taylor Corp. submitted a winning bid of $307 million for the century-old Dayton and printing marketing company.
Standard Register, founded in 1912, employs 3,500 workers, including 850 in Dayton.
With this acquisition, Taylor expects to add more than 3,000 employees from Standard Register locations around the U.S. and Mexico.
“We welcome Standard Register to our family of companies,” said Deb Taylor, chief executive officer of Taylor Corp., in a statement.
“Standard Register’s culture of meeting and anticipating their customers’ needs aligns perfectly with ours. We are very pleased to bring aboard thousands of employees whose talents will play a significant role in the success of our company. Together, we’ll have the scale and talent we need to pursue new market opportunities through a broader range of technology offerings, products, and services,” she said.
Taylor added, “While Standard Register has encountered financial challenges, I have no doubt its best days are ahead. The acquisition by Taylor Corp. is the best possible outcome for all involved — and most of all Standard Register’s customers. Taylor Corp. provides the strong and reliable financial foundation that will allow the company to turn the page and focus on the future.”
Headquartered in North Mankato, Minn., Taylor Corp. owns more than 80 companies in the U.S., Canada, Mexico, the United Kingdom, France, India, China, Bulgaria and the Philippines. The company has an estimated $1.3 billion in annual sales and 9,000 employees.