Source: 4/14/2010

Creative Memories Leader Asha Morgan Resigns

Creative Memories leader Asha Morgan stepped down from her leadership role in the company according to an April 7 article in the St. Cloud Times. The Morgan family founded The Antioch Company, the parent company of Creative Memories, in 1926 and has held a leadership position since that time. Lee Morgan, who retired in 2008 and is the father of Ms. Morgan, was the president and CEO of the company prior to Ms. Morgan.

With facilities in St. Cloud and Yellow Springs, Creative Memories became a large, world renowned direct-sales supplier of scrapbooking materials in a short time. The Antioch Company for many years produced bookplates, which made the Creative Memories division a solid investment for them in the 1980s.

The company filed for Chapter 11 bankruptcy protection in 2008 however, amid overleveraging and the rise of digital photography and subsequent attempts at avoiding financial ruin. While The Antioch Company recovered somewhat from the setback in 2009, employees and former employees lost nearly $80 million in retirement monies, many of whom have filed lawsuits against the leaders of the company, who they allege benefitted from the situation.

The new leader, Chris Veit, formerly Chief Operating Officer, was chosen by the board of directors; which contains a majority of the company's senior lending banks. Mr. Veit has been with the company for approximately one year.

Asha Morgan declined an offer of a different position within the company, opting to relax with her family for awhile before deciding upon future plans.

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