Realignments place the Firm for continued development
Enterprise momentum continues as each main segments exceed inner Q1 targets
MARYSVILLE, Ohio, Jan. 11, 2021 (GLOBE NEWSWIRE) — The Scotts Miracle-Gro Firm (NYSE: SMG) in the present day introduced a sequence of organizational adjustments within the areas of finance, provide chain and company affairs designed to totally leverage future development alternatives and drive long-term shareholder worth. As a part of the realignment, the Firm introduced Randy Coleman has departed as govt vice chairman and chief monetary officer and that Cory Miller, beforehand vice chairman of finance for Hawthorne Gardening Firm, has been promoted to senior vice chairman and named as interim CFO. The Firm will begin a proper search course of to fill the position on a everlasting foundation, which is able to embrace a assessment of each inner and exterior candidates.
“Cory has emerged as one in all our brightest leaders by way of his contributions to the expansion and success of Hawthorne over the previous a number of years, and shareholders needs to be assured in his talents to imagine the duties of the CFO position,” mentioned Jim Hagedorn, chairman and CEO. “Throughout his greater than 20-year tenure, he has excelled in a sequence of company and working roles, culminating in his present position as finance lead for Hawthorne. Cory has been deeply concerned within the enterprise, together with the combination of Daylight Provide and a number of other different acquisitions which have led to the present Hawthorne portfolio.”
In a broader realignment of the finance group, Kelly Berry, previously company treasurer, has been promoted to steer all of finance for the U.S. Client enterprise section. Lonny Essex, a former company banker and long-tenured affiliate and marketing consultant, has been named to succeed Ms. Berry as treasurer, a job he has held prior to now. Mark Scheiwer will transition from his position as controller to steer the Hawthorne finance group. Brad Chelton, the previous head of inner audit who presently leads advertising finance, will transition into the controller’s position. Mr. Chelton joined ScottsMiracle-Gro in 2007 after a 9-year profession in public accounting. Mark Sims has been promoted to senior vice chairman of particular operations, which incorporates strategic planning and inner consulting in addition to mergers and acquisitions. He’ll report on to Jim Hagedorn.
Individually, Dave Swihart, senior vice chairman of analysis and growth, has taken on the expanded position of main world know-how and operations and can proceed to report back to Mike Lukemire, president and chief working officer. This expanded position contains oversight of all the world provide chain perform. Scott Hendrick will lead all manufacturing and distribution operations, and Mark Slavens, PhD., will assume a broader management position in R&D. Each will report back to Mr. Swihart.
“Below Dave’s management, now we have dramatically improved our innovation processes and have benefitted from a sequence of probably the most profitable product launches in our historical past,” Lukemire mentioned. “As we proceed to advance our provide chain to satisfy the quickly evolving wants of the market, together with the enlargement of our direct-to-consumer efforts, he’s the suitable individual to additionally oversee this effort. Dave’s expanded position supplies me extra flexibility to work with Jim and our Board of Administrators on key strategic initiatives that we consider will drive development and worth for years to come back.”
Brian Herrington has been promoted to vice chairman of exterior affairs at Hawthorne and can oversee all state and federal authorities relations actions for that enterprise. He’ll report back to Chris Hagedorn, normal supervisor of Hawthorne, and Jim King, govt vice chairman for company affairs. The Firm additionally will create a lead public affairs position primarily based in Washington, D.C., reporting to Mr. King.
Hagedorn pressured the realignment and Mr. Coleman’s departure weren’t associated to any issues about previous or future enterprise efficiency or the integrity of the Firm’s monetary controls. Relatively, inner planning for a lot of the adjustments introduced in the present day have been underway for months as a part of ongoing strategic planning, expertise administration and succession planning discussions.
“Clearly our enterprise has been performing properly and that pattern has continued into 2021 as we exceeded our expectations for the primary quarter,” mentioned Jim Hagedorn. “This realignment is targeted on totally exploiting the longer-term alternatives that lie forward and leveraging the deep properly of expertise that exists inside ScottsMiracle-Gro.
“In our U.S. Client enterprise, gardening has by no means been extra related to customers, and demographic developments proceed to work in our favor. Additional investments in advertising and classes like reside items shall be crucial on this enterprise. And at Hawthorne, the regulatory atmosphere continues to enhance at each the state and federal degree. These tailwinds, coupled with the enhancements we’ve revamped the previous two years and the current opening of our new R&D facility in Canada, clearly place Hawthorne above every other participant within the business.
“All of us wish to thank Randy for his greater than 20-year dedication to ScottsMiracle-Gro. He performed a key position within the creation of Hawthorne, the event and implementation of Challenge Focus and different initiatives that considerably improved our market place and drove significant shareholder worth. He stays a buddy to all of us, and we want him continued success in his future endeavors.”
“My departure from ScottsMiracle-Gro is on pleasant phrases,” Mr. Coleman mentioned. “I’m pleased with the physique of labor I go away behind, assured within the depth and power of the finance group and am aligned with the technique that I helped form and that my former colleagues proceed to pursue. Largely, I’m endlessly grateful for the alternatives and relationships which have helped form my profession and life.”
Dave Evans, the CFO of ScottsMiracle-Gro from 2006 to 2013, and now a member of the Board of Administrators, will function a senior advisor to the chief management and finance group in the course of the transition to a everlasting CFO.
“We’re lucky to have entry to Dave’s counsel and expertise,” Hagedorn mentioned. “We even have distinctive expertise, not simply within the finance group, however all the enterprise. I’m optimistic about our potential to seize the alternatives forward of us.”
With roughly $4.1 billion in gross sales, the Firm is among the world’s largest entrepreneurs of branded client merchandise for garden and backyard care. The Firm’s manufacturers are among the many most acknowledged within the business. The Firm’s Scotts®, Miracle-Gro® and Ortho® manufacturers are market-leading of their classes. The Firm’s wholly-owned subsidiary, The Hawthorne Gardening Firm, is a number one supplier of vitamins, lighting and different supplies used within the indoor and hydroponic rising section. For added data, go to us at www.scottsmiraclegro.com.
Cautionary Be aware Concerning Ahead-Wanting Statements
Statements contained on this press launch, apart from statements of historic truth, which deal with actions, occasions and developments that the Firm expects or anticipates will or could happen sooner or later, together with, however not restricted to, data relating to the longer term financial efficiency and monetary situation of the Firm, the plans and aims of the Firm’s administration, and the Firm’s assumptions relating to such efficiency and plans are “forward-looking statements” throughout the that means of the U.S. federal securities legal guidelines which might be topic to dangers and uncertainties. These forward-looking statements typically might be recognized as statements that embrace phrases similar to “steerage,” “outlook,” “projected,” “consider,” “goal,” “predict,” “estimate,” “forecast,” “technique,” “could,” “aim,” “anticipate,” “anticipate,” “intend,” “plan,” “foresee,” “possible,” “will,” “ought to” or different related phrases or phrases. Precise outcomes might differ materially from the forward-looking data on this launch attributable to quite a lot of elements, together with, however not restricted to:
- The continued COVID-19 pandemic might have a fabric adversarial impact on the Firm’s enterprise, outcomes of operation, monetary situation and/or money flows;
- Compliance with environmental and different public well being rules or adjustments in such rules or regulatory enforcement priorities might improve the Firm’s prices of doing enterprise or restrict the Firm’s potential to market all of its merchandise;
- Harm to the Firm’s status or the status of its merchandise or merchandise it markets on behalf of third events might have an adversarial impact on its enterprise;
- The extremely aggressive nature of the Firm’s markets might adversely have an effect on its potential to take care of or develop revenues;
- If the Firm is unable to successfully execute its e-commerce enterprise, its status and working outcomes could also be harmed;
- Due to the focus of the Firm’s gross sales to a small variety of retail prospects, the lack of a number of of, or vital discount in orders from, its high prospects might adversely have an effect on the Firm’s monetary outcomes;
- Local weather change and unfavorable climate circumstances might adversely impression monetary outcomes;
- Sure of the Firm’s merchandise could also be bought to be used in new or rising industries or segments and/or be topic to various, inconsistent, and quickly altering legal guidelines, rules, administrative practices, enforcement approaches, judicial interpretations and client perceptions;
- The Firm’s operations could also be impaired if its data know-how techniques fail to carry out adequately or if it’s the topic of a knowledge breach or cyber-attack;
- The Firm could not be capable of adequately shield its mental property and different proprietary rights which might be materials to the Firm’s enterprise;
- Within the occasion the Third Restated Advertising Settlement for client Roundup merchandise terminates, or Monsanto’s client Roundup enterprise materially declines the Firm would lose a considerable supply of future earnings and overhead expense absorption;
- Hagedorn Partnership, L.P. beneficially owns roughly 26% of the Firm’s frequent shares and may considerably affect choices that require the approval of shareholders;
- Acquisitions, different strategic alliances and investments might lead to working difficulties, dilution and different dangerous penalties that will adversely impression the Firm’s enterprise and outcomes of operations.
Further detailed data regarding plenty of the essential elements that would trigger precise outcomes to vary materially from the forward-looking data contained on this launch is available within the Firm’s publicly filed quarterly, annual and different studies. The Firm disclaims any obligation to replace developments of those danger elements or to announce publicly any revision to any of the forward-looking statements contained on this launch, or to make corrections to replicate future occasions or developments.
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