Carriage Services (CSV) has released an update.
Melvin C. Payne, the founder and former CEO of the company, will transition from Executive Chairman to a special advisor role starting February 22, 2024. His employment agreement will conclude, but he will receive a severance package including prorated bonuses, salary continuance, stock settlement, health benefits, and legal expense reimbursement, all conditional on compliance with confidentiality and non-competition terms. Additionally, the company’s strategic review process, aimed at maximizing shareholder value, has concluded with the decision to continue as an independent entity, under the current management team, following consideration of several acquisition and financing proposals.
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