By Thomas A. Parmalee
Matthews International stock fell as much as 6% on Aug. 5 after news began circulating that its longtime president and CEO has informed the company’s board of directors that he’ll be retiring.
The stock had begun to recover during intraday trading.
Joseph C. Bartolacci’s announcement comes after almost 30 years of service to the company, including 20 years as CEO. His retirement removes one of the deathcare profession’s most experienced corporate leaders.
A succession process has been initiated by the company’s board of directors to ensure a seamless leadership transition. Additional details will be provided “at the appropriate time,” the company said in a news release.
Whether the company will tap an internal candidate or someone from outside the company was not made clear.
Daniel Stopar, the company’s chief financial officer and treasurer, would certainly be a strong internal candidate, having joined the company in 2013. He was promoted to CFO in December 2025.
Another executive that would make the list of contenders would be Steve Gackenbach, who has worked at the company since 2011 and is its longtime group president of the Memorialization division.
Whether the company goes with an outside or internal candidate, the next hire will have huge shoes to fill.
The next CEO will confront a new set of challenges: In-ground burial continues to decline, pricing pressures continue to mount, private equity is ramping up purchases of funeral homes, technology is transforming deathcare and AI and automation are key themes in manufacturing. One of the primary tasks of whoever leads the company next will be to determine whether Matthews continues with broad diversification or refocuses more aggressively on its core memorialization franchise.
Bartolacci (pictured at top) originally joined Matthews as the company’s general counsel in 1997 and held various leadership positions, ultimately being appointed president and CEO in 2006. During his tenure, Matthews evolved from a memorialization-focused company into a diversified global enterprise serving customers across memorialization, industrial technologies and brand solutions markets.
Under his leadership, the company expanded its global footprint, completed more than 60 acquisitions, invested significantly in technology and innovation, and strengthened its operational capabilities. During this period, Matthews grew from approximately $700 million in annual revenue to a business approaching $2 billion in revenue while enhancing its market positions across its core businesses.
He also oversaw the company’s 2015 acquisition of Aurora Casket Co., which fundamentally transformed the company.
When the purchase was announced, Bartolacci said, “The Aurora acquisition advances Matthews strategic vision for growth, and we expect it to create significant shareholder value. We expect the integration to generate substantial synergies by eliminating redundant costs without impacting customer service. This will allow us to build even greater capabilities and continue to be competitive in an ever-changing marketplace with a growing number of competitive alternatives.”
Michael Nauman, chairman of the board of directors, who was named to his post in February 2026, expressed appreciation for Bartolacci’s leadership and contributions.
“I cannot thank Joe enough for his service to Matthews and also to me as I transitioned into the chairman’s role at the company,” Nauman said. “His 29 years at Matthews and 20 years as CEO have been marked by growth and his personal passion and strong integrity have helped Matthews through many challenging times to become a much better organization. Joe will be missed but he has left us in a strong position and for that I am grateful.”
Reflecting on his retirement, Bartolacci said: “It has been a privilege to serve Matthews for nearly three decades and to work alongside the talented team members who have made our growth and commercial success possible. I am proud of what we have accomplished together and confident that the company is well-positioned to continue executing its strategy and creating value for all stakeholders.”
The board and management team remain committed to executing the company’s strategic priorities and ensuring a smooth transition of leadership. In the interim, Bartolacci will continue to support the transition of the new president and CEO at least through Jan.1, 2027.
Follow FuneralVision.com on LinkedIn.
Follow FuneralVision.com on X.
Follow FuneralVision.com on Facebook.
