Executives Share Strong Track Records of
Driving Growth and Extensive MLP Experience
StoneMor Partners L.P. (NYSE:STON) (“StoneMor,” the “Partnership,”
a leading owner and operator of cemeteries and funeral homes, today
announced the appointment of R. Paul Grady as President and Chief
Executive Officer, effective May 17, 2017. Mr. Grady, who will also
join the StoneMor Board of Directors, replaces Lawrence Miller, who
is retiring as Chairman, President and Chief Executive Officer.
StoneMor also announced the appointment of Mark Miller as Chief
Financial Officer, effective immediately, and added that Bob Sick
has joined its Board of Directors.
Photos accompanying this announcement are available at
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“We are delighted to welcome seasoned executives Paul and Mark
to StoneMor and believe that their extensive leadership experience
and proven management skills make them the ideal choice for the
Partnership,” said Robert B. Hellman, StoneMor’s lead director and
Chairman of the General Partner. “StoneMor will benefit from Paul’s
prior work with master limited partnerships, his proven track
record managing complex national businesses and his hands-on
leadership style. Combined with Mark’s time as a publicly traded
MLP CFO and his well-rounded functional background in accounting,
treasury, M&A, FP&A and IT, and we have a formidable
leadership team in place. I look forward to partnering with Paul
and Mark to put StoneMor firmly back on the path to growth.”
“I have committed substantive time to studying the deathcare
industry and StoneMor’s situation in particular,” said Paul Grady.
“We have fallen short in operational areas, have a salesforce to
re-build and haven’t been effective enough with our financial
controls, leading to the delay of our recent quarterly filings. I
am committed to fixing these issues. Despite these challenges, I
believe the future is bright. We are one of the leading players in
a growing industry, and I see no reason we cannot capture that
growth in the coming years.”
“It has been a challenging year for StoneMor, but I look forward
to fixing any historical errors and leveraging my strong track
record building and leading teams that are focused on growth and
execution,” said Mark Miller. “Like Paul, I am committed to open
and transparent communication. We expect to be in a position to
provide preliminary financial results for the 2016 fourth quarter
and 2017 first quarter shortly and will file our complete financial
results as soon as we are able.”
Mr. Grady began his career in 1978 in sales, marketing and
corporate development roles at a number of consumer packaged goods
companies, including Campbell’s Soup Company. Most recently, Mr.
Grady served as Interim Chief Executive Officer of Rio de
Janeiro-based NEOgas S.A.. Mr. Grady, a Philadelphia native, has
spent the majority of his career at large companies in the Greater
Philadelphia area. He brings more than two decades experience in
the oil and gas industry and since 1995 has held Chief Operating
Officer positions at AmeriGas Propane, Heritage Propane and Titan
Propane. He rose to become President of Heritage Propane
prior to its acquisition by AmeriGas Propane in 2012. During his
time at these companies he was responsible for more than 12,000
employees and oversaw significant growth in earnings at each of
these organizations through execution of organic and acquisition
strategies.
Mr. Miller began his career at Deloitte & Touche in New York
City. He has been working as a consultant for StoneMor in recent
months. Prior to that he served as Chief Financial Officer of
Allentown-based CrossAmerica Partners, formerly Lehigh Gas
Partners, a publicly listed MLP with $2.7 billion in revenue, where
he oversaw a team of approximately 50 people. He brings a 31-year
finance career with a strong accounting foundation, followed by
more recent M&A and financing experience during CrossAmerica’s
growth from private company to approximately $42 million of EBITDA
in 2014. Mr. Miller took Lehigh public as an MLP in October of
2012.
Mr. Grady graduated in 1975 from Stetson University in Deland,
Florida, with a BA in Marketing and Management. He also earned a J.
D. from Stetson College of Law. Mr. Miller graduated in 1984 from
Northeastern University, Boston, with a Bachelor of Science in
Accounting. Both men are Philadelphia natives.
StoneMor also announced today that Bob Sick has joined the Board
of Directors. Mr. Sick has been a private equity investor for more
than 20 years, performing transition CEO work in a wide variety of
industries and with a large number of private equity and GP groups.
He has been CEO of approximately 35 companies through his
management company, White Oak Capital, LLC. Most recently, he
has been Operating Director at American Infrastructure Funds since
2015. Mr. Sick graduated from Stanford University with a Master of
Science in Industrial Engineering/Engineering Management.
About StoneMor Partners L.P.
StoneMor Partners L.P., headquartered in Trevose,
Pennsylvania, is an owner and operator of cemeteries and funeral
homes in the United States, with 316 cemeteries and 100 funeral
homes in 27 states and Puerto Rico. StoneMor is the only
publicly traded death care company structured as a partnership.
StoneMor’s cemetery products and services, which are sold on both a
pre-need (before death) and at-need (at death) basis,
include: burial lots, lawn and mausoleum crypts, burial
vaults, caskets, memorials, and all services which provide for the
installation of this merchandise. For additional information about
StoneMor Partners L.P., please visit StoneMor’s website, and the
investors section, at http://www.stonemor.com.
Cautionary Note Regarding
Forward-Looking Statements
Certain statements contained in this release, including, but not
limited to, information regarding the the Partnership’s growth
prospects and efforts to correct prior accounting errors, are
forward-looking statements. Generally, the words “believe,”
“may,” “will,” “estimate,” “continue,” “anticipate,” “intend,”
“project,” “expect,” “predict” and similar expressions identify
these forward-looking statements. These statements are based on
management’s current expectations and estimates. These
statements are neither promises nor guarantees and are made subject
to risks and uncertainties that could cause actual results to
differ materially from those stated or implied by the
forward-looking statements, including, without limitation, risks
relating to the Partnership’s ability to improve its operations,
continue rebuilding its sales force and fully identify and address
historical accounting deficiencies, and other risks described in
the Partnership’s filings with the U.S. Securities and Exchange
Commission. Except as required under applicable law, the
Partnership assumes no obligation to update or revise any
forward-looking statements made herein or any other forward-looking
statements made by it, whether as a result of new information,
future events or otherwise.
CONTACT:
John McNamara
Director - Investor Relations
StoneMor Partners L.P.
(215) 826-2945
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