Members of the death care media were informed yesterday via press release that the CEO and Chairman of Toronto based Park Lawn Corporation (PLC), Andrew Clark, would be stepping down as Chairman and CEO of the company. You can read the press release here.
The release quoted Clark as saying, “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. . . . .”
According to the Park Lawn press release Clark has taken the company from a market capitalization of about $30 million to a market capitalization of almost $900 million in the past seven years.
Again, according to the press release, Park Lawn’s board has engaged Egon Zehnder, a leading global search firm, to identify Clark’s successor
with the skill set necessary to ensure Park Lawn’s growth trajectory.
Finally, the press release ends by affirming the aspirational goals of the company. The company hopes to reach a level of $100 million in adjusted EBIDTA by the end of 2022. They mention that they will do so by their committed strategy of organic growth, margin expansion, and acquisition activity.