Standard Register’s CEO steps down
Local company’s assets bought by Taylor Corp. of Minnesota this week.
Standard R egister Co.’s top executive resigned Friday,following an announcement that M innesota-based T aylor Corp. will acquire the assets of the century-old D ayton printing and marketing company.
Joseph P.M organ Jr.,president and chief executive since January 2009,notified Standard R egister’s board of directors of he was leaving the company June 26 to accept a leadership role with another,unnamed company.
M organ was not available for comment,a Standard R egister spokeswoman said.
In an email to employees obtained by the D ayton D aily News,M organ said he plans to move from D ayton in the near future and will assist in the company’s transition to its new owner.
“I am very proud of what we have accomplished together during my 14years with the company and believe with confidence that the future of this company is in good hands with our new owners,” M organ said in the email.
“T he 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.
M organ said he looks forward to speaking with employees during a T own H all that will be scheduled in the next few days.
Standard R egister,founded in 1912,employs 3,500 workers,including 850 in D ayton. T he company has 34facilities throughout the U.S.and M exico.
M organ earned more than $ 4.1 million in 2013,according to a M arch 2014proxy statement filed with the U.S.Securities and Exchange Commission.H is compensation that year included a $ 698,000 base salary;a $ 450,000 bonus; $ 1.8 million in stock awards; $ 1 million in non-equity incentive plan compensation;and $ 162,000 in other compensation.
M organ joined Standard R egister in 2001 as president and chief executive officer of SM AR T works.H e served in a number of other executive roles,including the company’s chief operating officer,vice president of On D emand Solutions,and chief technology officer.
K evin Carmody has been appointed Standard R egister’s interim chief executive,according to a separate email to employees from T aylor Corp.CEO D eb T aylor and B oard Chairman G len T aylor,a billionaire businessman who owns the NB A’s M innesota T imberwolves and the M inneapolis Star T ribune newspaper.
Carmody is a partner in M cK insey R ecovery & T ransformation Services,one of three financial advisory firms Standard R egister hired in January to help explore best options for the company’s future.In February,Carmody was appointed Standard R egister’s chief restructuring officer.
T aylor Corp.’s email said plans for the acquisition are underway between its family of companies and Standard R egister.
“A s we are telling customers,like Standard R egister once was,T aylor Corp.is a private,family-owned organizations that makes decisions for the long run,ensuring a strong balance sheet for the security of our employees and customers.It should bring you great comfort that Standard R egister is now on a reliable financial foundation,” the T aylors said in the email.
A T aylor Corp.spokesman did not respond to requests for comment from the D ayton D aily News.
T aylor Corp.announced late T hursday that it acquired the assets of Standard R egister for $ 307million.Company officials said the acquisition is the result of T aylor Corp.’s successful bid for Standard R egister through a bankruptcy auction held this week.
Final approval of the sale is subject to resolution of outstanding objections before the U.S.B ankruptcy Court in the D istrict of D elaware.Pending that approval,the parties expect to complete the transaction within 45to 60 days.
H eadquartered in North M ankato,M inn.,T aylor Corp. owns more than 80 companies in the U.S.,Canada,M exico, the United K ingdom,France, India,China,B ulgaria and the Philippines.Prior to the Standard R egister acquisition,the company had an estimated $ 1.3billion in annual sales and 9,000 employees.