LEVITTOWN, Pa., Oct. 22, 2013 (GLOBE NEWSWIRE) -- 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.
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) 826-2800Source:StoneMor Partners L.P.