StoneMor Partners L.P. Names David Meyers Interim COO
October 22 2013 - 10:15AM
StoneMor Partners L.P. (NYSE:STON) ("StoneMor") announced today
that Chief Operating Officer Michael L. Stache, will retire at the
end of December 2013. At the same time, StoneMor announced that
David L. Meyers has been appointed Incoming COO effective
immediately and will succeed Mr. Stache following his retirement
from the company. Mr. Stache has served as StoneMor's Senior
Vice-President & COO since its founding in 2004 and will work
with Mr. Myers in effecting a smooth transition.
Larry Miller, President and CEO of StoneMor,
commented, "Mike has been with StoneMor from its inception and we
have worked together for many years before that as
well. During his time at StoneMor, Mike played a key role in
growing our business and overseeing the successful day to day
operations of the company. We wish him well in his
retirement."
David L. Meyers comes to StoneMor with more than 22
years of experience in management, operations, sales and business
development. Prior to joining StoneMor, from 2005 to 2012, he
served as Division Vice President for Terminix International, a
subsidiary of Service Master where he managed the daily operations
of 80 branch locations and 9 regional management teams which
included 1500 associates with $300 million in annualized
revenue. His responsibilities there included developing the
division's organizational structure, designing process improvements
and leveraging technology to monitor operational results, increase
productivity and drive competitive strengths. As COO of
StoneMor, he will report directly to Mr. Miller and his
responsibilities will include, among other roles, providing
day-to-day leadership and management that mirrors the mission and
core values of StoneMor Partners, driving sales and profitability
as well as spearheading the development, communication and
implementation of effective growth strategies and processes.
Commenting on the appointment of Mr. Meyers, Miller
said, "David brings to StoneMor a wealth of management experience,
both in the day-to-day management of large and diverse enterprises,
developing process improvements and increasing productivity, as
well as developing and implementing strategic initiatives and
growth plans. During his time at Terminix, David successfully
completed the Six Sigma Program and is a Six Sigma Black Belt. We
look forward to his contributions to StoneMor."
About StoneMor Partners L.P.
StoneMor Partners L.P., headquartered in Levittown,
Pennsylvania, is an owner and operator of cemeteries and funeral
homes in the United States, with 277 cemeteries and 92 funeral
homes in 28 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 that provide for the
installation of this merchandise.
For additional information about StoneMor Partners
L.P., please visit StoneMor's website, and the Investor Relations
section, at http://www.stonemor.com.
Forward-Looking Statements
Certain statements contained in this press release,
including, but not limited to, information regarding the status and
progress of StoneMor's operating activities, the plans and
objectives of its management, assumptions regarding its future
performance and plans, and any financial guidance provided, as well
as certain information in other filings with the Securities and
Exchange Commission and elsewhere, are forward-looking
statements. The words "believe," "may," "will," "estimate,"
"continue," "anticipate," "intend," "project," "expect," "predict,"
and similar expressions identify these forward-looking
statements. These forward-looking statements are made subject
to certain risks and uncertainties that could cause StoneMor's
actual results of operations to differ materially from those
expressed or implied by forward-looking statements, including, but
not limited to, the following: uncertainties associated with
future revenue and revenue growth; the effect of the current
economic downturn; the impact of StoneMor's significant leverage on
its operating plans; StoneMor's ability to service its debt and pay
distributions; the decline in the fair value of certain equity and
debt securities held in its trusts; StoneMor's ability to attract,
train and retain an adequate number of sales people; uncertainties
associated with the volume and timing of pre-need sales of cemetery
services and products; increased use of cremation; changes in the
death rate; changes in the political or regulatory environments,
including potential changes in tax accounting and trusting
policies; StoneMor's ability to successfully implement a strategic
plan relating to achieving operating improvement, strong cash flows
and further deleveraging; StoneMor's ability to successfully
compete in the cemetery and funeral home industry; uncertainties
associated with the integration or the anticipated benefits of
StoneMor's recent acquisitions and any future acquisitions;
StoneMor's ability to complete and fund additional acquisitions;
litigation or legal proceedings that could expose StoneMor to
significant liabilities and damage its reputation; StoneMor's
ability to maintain effective disclosure controls and procedures
and internal control over financial reporting; the effects of cyber
security attacks due to StoneMor's significant reliance on
information technology; uncertainties relating to the financial
condition of third-party insurance companies that fund StoneMor's
pre-need funeral contracts; and various other uncertainties
associated with the death care industry and StoneMor's operations
in particular.
When considering forward-looking statements, the
reader should keep in mind the risk factors and other cautionary
statements set forth in StoneMor's Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q filed with the Securities and
Exchange Commission. Except as required under applicable law,
StoneMor assumes no obligation to update or revise any
forward-looking statements made herein or any other forward-looking
statements made by StoneMor, whether as a result of new
information, future events, or otherwise.
CONTACT: John McNamara
(215) 826-2800
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