By Leader Editor Kara Apel
Andrew Clark, CEO and chairman of Canadian company Park Lawn Corporation, has notified the board of directors that he will be stepping down from his role.
In a news release, the company noted that Clark will continue working with the board and management team until a new CEO is appointed.
This announcement comes after several years of the company making large acquisitions, including Horan & McConaty Funeral Services in Colorado, The Baue Funeral Home Co. in Missouri, and Cress Funeral Service, Inc. in Wisconsin. Park Lawn Corporation acquired Family Legacy and Harpeth Hills in Nashville just last month.
Glenn H. Gould, CEO of MKJ Marketing, has this to say about consolidators like Park Lawn Corporation in the deathcare industry.
“Operating a consolidation business in funeral service is difficult. Unlike most industries, there is little opportunity to create long-term profits; cost increases and profit margins shrink. With so many expensive acquisitions spread out across North America, it’s hard to build efficiencies.”
Park Lawn Corporation published this quote from Clark:
“It has been a tremendous privilege to lead PLC and build a strong and highly capable management team over the last eight years. I am grateful to have led a team that transformed PLC from a small business with six cemeteries into one of the largest and most well-respected operators in our industry. I remain confident in PLC’s future, believe that new leadership will benefit PLC through its next growth phase, and look forward to participating in its continued success as a shareholder. I know PLC is optimally positioned to continue to deliver long-term growth and drive shareholder value.”
On Tuesday, Paul G. Smith took over as chairman of the board. Smith issued this statement about the transition:
“Andrew has been instrumental in putting together a deep and talented management team and taking PLC from a market cap of $30 million to almost $900 million in under seven years. Under Andrew’s leadership, PLC delivered a total shareholder return of 337%. On behalf of the entire Board, I want to thank Andrew for his passion, commitment to and leadership of PLC.”
The company confirmed it has hired global company Egon Zehnder to assist with their CEO search.
Park Lawn Corporation, the largest publicly traded Canadian company in the deathcare industry, owns a variety of properties and businesses, including funeral homes, chapels, and cemeteries across five Canadian provinces and 15 states in the U.S.