Service Corp International CEO: “There’s Going To Be Job Loss”

May 29, 2013
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In the initial press release issued by Service Corporation International announcing plans to aquire Stewart Enterprises it stated that:

SCI expects to generate approximately $60 million in annual cost savings from the combined companies.  These synergies are anticipated to be fully realized over a 24 month period after the closing date.

The only way to generate that kind of revenue when shelling out $1.4B for an acquisition is to have substancial job loss.

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In an interview with the Houston Business Journal, SCI CEO Thomas Ryan is quoted as saying:

“I don’t want to sugar coat it, there’s going to be job loss in New Orleans.”

A number of the 400 overhead and back office positions from Stewart’s New Orleans office will be cut in the next 24 months, but what wasn’t specific is how many.

Ryan also said, he anticipates the company may have to sell off a few locations in smaller geographies, but it’s not likely to be a substantial number.

So, who are the real winners and losers in the SCI acquisition of Stewart Enterprises?

 

Read article from Houston Business Journal

Ryan Thogmartin

CEO at DISRUPT Media and ConnectingDirector.com
Ryan Thogmartin is the Owner and CEO of DISRUPT Media. DISRUPT Media is a full service social media agency specializing in social media strategy, management and reporting for funeral companies. DISRUPT Media is the creator of the FUNERAL Social Design Process which is the only full service social media strategy program crafted specifically for the funeral profession.

Go to http://funeralsocial.com to find out more about the services we offer. Our clients who are apart of our FUNERAL Social Design Process are seeing an increase in post reach and engagement of over 300%.

Ryan is also the founder of ConnectingDirectors.com. ConnectingDirectors.com is the leading online daily publication for funeral professionals with a reader base of over 45,000 of the most elite and forward-thinking professionals in the profession. With ConnectingDirectors.com Ryan has created a global community through an online platform allowing funeral professionals to Stay Current. Stay Informed and Stay Elite.
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