Carriage Services Announces Employment Agreement Extension with Chairman and CEO Mel Payne
February 17 2021 - 6:05PM
Carriage Services, Inc. (NYSE: CSV) today announced that its Board
of Directors has agreed with the Company's Chairman and CEO, Mel
Payne, to extend the term of his employment agreement another
seven years through February 17, 2028.
"Through our differentiated and disruptive
Standards Operating Model, Mel has set the Being the Best mission
for Carriage and has created a leadership centric organization that
is focused on continuing our journey from Good To Great. Mel has
been instrumental in transforming Carriage into a High Performance
culture company that just happens to be in the funeral and cemetery
industry," said Bryan Leibman, the Company's Lead Independent
Director. "Mel has proven himself to be a strategic visionary and
innovative leader and the Board of Directors is confident he
continues to be the right individual to lead Carriage to new levels
of success into the future."
“We structured the stock option consideration
for Mel’s new seven year extension to align perfectly with our
current Good To Great II Shareholder Value Creation Plan, the five
year Good To Great Incentive Programs for our Funeral Home and
Cemetery Managing Partners, and the Board’s excitement that the
best years for shareholder value creation here at Carriage are yet
to come. One-third of the option grant will vest only when the
Carriage share price reaches $53.39 while the remaining two-thirds
will vest when the stock price reaches $77.34. We are grateful for
Mel’s leadership and stewardship of Carriage since its beginning
and look forward to working closely with Mel and the rest of the
Leadership Team for many years to come,” said Barry Fingerhut,
Chairman of the Compensation Committee.
Further details on Mr. Payne’s contract
extension may be found in the company's current report on Form 8-K
to be filed on February 18, 2021.
Carriage Services is a leading provider of
funeral and cemetery services and merchandise in the United States.
Carriage operates 176 funeral homes in 26 states and 32 cemeteries
in 12 states.
For more information, please contact Ben
Brink at 713-332-8441 or
email InvestorRelations@carriageservices.com.
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