Let’s hope it was in euros, at least…

January 24, 2005

Matthews International(MATW), the funeral products company that’s probably best known for creating Elvis Presley’s memorial at Graceleand, disclosed in its recent proxy that a German company partially owned by one of its top executives and his son and partly owned by Matthews, paid the father and son over $2 million last year. Franz Schwarz, managing director of Matthews’ European Graphics division collected $1.3 million, or more than 5 times the salary he earned as a Matthews employee. But what’s really kind of strange about this deal is that Matthews bought a 50% stake in Schwarz’ company back in 1998 and the company’s most recent K says that Schwarz has been working for Matthews since 2000. Yet this is the first time since the sale that Matthews is disclosing the lucrative relationship.

Leave a Reply

You must be logged in to post a comment.