StoneMor Partners Appoints Leo Pound Acting COO

(RTTNews) - StoneMor Partners L.P. (STON) announced that effective immediately, Leo J. Pound, a Director of StoneMor GP LLC, the general partner of the Partnership, has been appointed to its executive team as Acting Chief Operating Officer.

Pound will remain a Director of the General Partner but has stepped down from the Audit Committee, where he has been replaced by Director Martin R. Lautman.

Mr. Pound serves as a member of the Board of Directors for a number of companies where he focuses on improving operations, building short and long-term strategy and structuring best-in-class leadership teams. Throughout his career, Mr. Pound has worked with several multinational companies and has been active in the CEO, COO and CFO roles in a variety of service industries. In addition, he has directly managed companies' banking relations, auditors, outside legal counsel, and relations with the financial community. He has in-depth knowledge of operational and strategic planning, M&A, forecasting and budgeting initiatives. He began his career in 1979 as an accountant. He has served as a Director of the General Partner since 2014.

The Partnership also reiterated previous statements that it currently expects that any revisions to previously reported financial information will principally reflect a decrease in net deferred revenue and an increase in partners' capital on its previously reported consolidated balance sheets, including the quarterly periods during 2016.

The Partnership also reiterated that it also currently expects the correction of these items to have an immaterial impact on cash flows for the three fiscal years ended December 31, 2016, including the quarterly periods during 2016, and have a positive impact on future cash flows since it will allow for additional funds to be withdrawn from its merchandise trusts. Lastly, as previously stated, the Partnership does not currently expect the correction of these items to affect distributable cash flow for previously reported periods.