Board of Directors of StoneMor Partners Announces Retirement of CEO
March 28 2017 - 6:59AM
The Board of Directors (the “Board”) of StoneMor GP LLC (“StoneMor
GP”), the general partner of StoneMor Partners L.P. (NYSE:STON)
(“StoneMor” or the “Partnership”), today announced that the
Partnership’s co-founder, Lawrence Miller, has decided to retire
and will step down as Chairman, President and Chief Executive
Officer of StoneMor GP, effective August 31, 2017, or earlier
if a successor is appointed. Mr. Miller will remain an advisor to
StoneMor GP and Vice Chairman of the Board following his
retirement. The Board has engaged the nationally recognized
executive search firm of Heidrick & Struggles to assist in
identifying candidates to replace Mr. Miller.
Robert B. Hellman, Jr., lead director of the Board of Directors
and Chairman of the General Partner commented, “I have known Larry
as a personal friend and a dynamic business colleague for over
fifteen years and have enjoyed partnering and working with him. As
the co-founder of StoneMor, Larry played an instrumental part in
the formation and creation of the company, and I want to thank him
for his leadership, long service and unwavering commitment to
delivering on our mission: To help families memorialize each life
with dignity.”
“I have been thinking about retiring for some time and wanted to
ensure an orderly transition for the business,” said Mr. Miller.
“It has been an honor and privilege to work with and partner with
the incredible team of men and women at StoneMor and the families
we serve. I am proud of our achievements, especially over the last
13 years as a public company, during which we have grown to become
one of the largest owners and operators of cemeteries and funeral
homes in the United States. I am grateful to our Board and
associates for their unwavering encouragement and look forward to
continuing to support StoneMor as a director following my
retirement in August.”
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 Board’s expectations with
respect to the appointment of Mr. Miller’s successor, and the
expectation that Mr. Miller will continue to serve as a director of
the Board, 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 following: the Partnership’s ability to identify a
suitable successor to Mr. Miller prior to his retirement date, or
at all; and Mr. Miller’s ability or willingness to continue serving
as a director of and advisor to StoneMor GP following his
retirement. 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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