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8-K - FORM 8-K - STEWART ENTERPRISES INC | h84130e8vk.htm |
Exhibit 99.1
CONTACT:
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Thomas M. Kitchen President and Chief Executive Officer Stewart Enterprises, Inc. 1333 S. Clearview Parkway Jefferson, LA 70121 504-729-1400 |
FOR IMMEDIATE RELEASE |
STEWART ENTERPRISES ANNOUNCES ORGANIZATIONAL CHANGES
NEW ORLEANS, LA August 10, 2011 . . . Stewart Enterprises, Inc. (Nasdaq GS: STEI) today announced
changes to its management organizational structure in order to better integrate the Companys
operations and sales activities and to enhance customer service. The Company has promoted Senior
Vice President of Operations, Kenneth G. Jerry Myers, Jr., to Executive Vice President of
Operations and Sales. The Company is also dividing its operations into two divisions, Eastern and
Western.
G. Kenneth Stephens, Jr., currently the Companys Senior Vice President of Sales, has been
appointed Senior Vice President Eastern Division. Michael H. Miller, currently the Regional
Vice President responsible for operations in California, Oregon and Washington, has been appointed
Senior Vice President Western Division. Messrs. Stephens and Miller will be responsible for
both operations and sales in their respective areas and will report directly to Mr. Myers.
Mr. Myers joined the Company in 2005 as a consultant and then as an employee in 2006, serving as
Senior Vice President of Finance until his appointment in 2008 to Senior Vice President of
Operations. From 2001 to 2004, Mr. Myers was the Chief Executive Officer, President and a Director
of Conrad Industries, a publicly-traded marine manufacturing company. From 1980 to 2001, Mr. Myers
served in executive-level financial and operational roles at Avondale Industries and later in
Northrop Grummans shipbuilding segment.
Mr. Stephens, who joined the Company in 1993 when the Company acquired his family cemetery business
in North Carolina, has served as the Companys Senior Vice President of Sales since 2009. Prior to
that time, he served as Division President of the former Western Division from 2005 to 2009. He
was also Division President of the former Eastern Division from 2000 to 2005. Mr. Stephens has
been in the death care profession since his graduation from law school in 1986.
Mr. Miller, a licensed funeral director who joined the Company in 1988, has served as the Regional
Vice President for the Companys Western Region, comprising operations in California, Oregon and
Washington, since 2009. Prior to that time, Mr. Miller served as the Regional Vice President for
the Companys operations in Southern California from 2005 to 2009. He has also served in several
other management positions in the Company, including Director of Operations for the Companys
Northern California operations and Area Vice President for the Companys Southern California
operations from 2000 to 2005.
Thomas M. Kitchen, President and Chief Executive Officer said, We believe that having senior
managers responsible for both operations and sales will enable us to improve customer service,
better implement market-specific initiatives and increase profitability. Jerry Myers has proven to
be an effective executive in our organization, working extensively with our operations and sales
management teams to successfully transform our business model by leading our Best-in-Class
initiative while focusing on improving our customers experience. Ken Stephens has more than 25
years of industry experience, substantial senior management experience with our Company and a keen
appreciation of our challenges and opportunities, particularly as they relate to our cemeteries.
Mike Miller has overseen our West Coast operations for three years. He knows our business
intimately, has a wealth of funeral knowledge, and has built a strong management team in his
region.
Mr. Kitchen added, I am confident that moving to a divisional structure with enhanced integration
of operations and sales will ultimately allow us to better serve families. The officers in these
key roles have demonstrated their understanding of the Company and the industry, and they have a
proven record of delivering positive results.
Founded in 1910, Stewart Enterprises is the second largest provider of products and services in the
death care industry in the United States. The Company currently owns and operates 218 funeral homes
and 141 cemeteries in the United States and Puerto Rico. Through its subsidiaries, the Company
provides a complete range of funeral and cremation merchandise and services, along with cemetery
property, merchandise and services, both at the time of need and on a preneed basis.
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