TREVOSE, Pa., June 29, 2018 (GLOBE NEWSWIRE) -- StoneMor Partners L.P. (NYSE:STON), a leading owner and operator of cemeteries and funeral homes, today announced the appointment of Joseph M. Redling as President and Chief Executive Officer of StoneMor GP LLC, its general partner, to be effective following the filing of the Partnership’s Form 10-K for the year ended December 31, 2017. Mr. Redling will also join the StoneMor GP Board of Directors on that date. He will replace Interim CEO Leo Pound, who will remain on the StoneMor GP Board of Directors and is expected to rejoin the Audit Committee effective October 1, 2018.

StoneMor also announced that it is evaluating transitioning from a Master Limited Partnership (“MLP”) to a publicly traded Delaware corporation. Given the nature and complexity of such a transaction, the StoneMor GP Board of Directors has determined it is advisable that the Conflicts Committee, comprised of Patricia D. Wellenbach and Stephen J. Negrotti, two independent directors, to consider, review and make recommendations as to whether the proposed transaction would be in the best interests of the Partnership and its public unitholders.

Commenting on the appointment of Mr. Redling, Robert B. Hellman Jr., StoneMor’s Chairman of the Board of Directors, said “Joe brings to StoneMor a proven track record in the areas of executive leadership, operations, marketing and product innovation. His 25 years of experience building brands and transforming and operating large scale and complex businesses will serve StoneMor well. The Board of Directors is delighted to have a capable and experienced operator like Joe to assume the leadership role at this important time in StoneMor’s evolution. We’re grateful for the work Leo Pound has put in as Interim CEO, and we look forward to his continued contributions on our Board of Directors and his return to the Audit Committee.”

Regarding the evaluation of a revised structure, Hellman added, “From time to time we have considered the costs and benefits of being a C-corporation versus an MLP and historically have believed it was in the best interests of the Partnership and our unitholders to remain an MLP. In light of changes in the capital markets and the tax code, it makes sense to evaluate a change in our structure. Among other potential benefits, a simplified corporate structure might make our equity securities more attractive to mutual funds and institutional investors and provide us with greater access to the capital markets. We are grateful for Trish and Steve’s willingness to serve on the conflicts committee.”

“I am honored to have the opportunity to join StoneMor and lead its turnaround efforts as the team works to better position StoneMor for future success,” said Joe Redling. “The underlying fundamentals of the industry are solid and, while there are challenges ahead I believe with hard work we can strengthen our product offerings and further revive our sales and marketing efforts to better capture the market opportunity. I look forward to working with Leo Pound and StoneMor’s COO, Jim Ford, over the next several months to ensure a smooth executive transition.”

Mr. Redling most recently served as the Chief Operating Officer of Vonage Holdings. Inc., a billion-dollar communications company, where he managed the day to day operations of the company’s consumer and B2B businesses. Before taking on the role of COO he was President of Consumer Services for Vonage overseeing its large consumer business. Prior to that, Mr. Redling was President and Chief Executive Officer of Nutrisystem, Inc., a leader in the weight-loss industry. His experience also includes over a decade with Time Warner and AOL where he held a number of senior executive level roles including Chief Marketing Officer, President of Paid Services and Customer Management, President of the AOL Access Business and CEO of AOL International.

He earned his B.S. in Business Management from St. Peter’s University.

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 322 cemeteries and 93 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.