ScottsMiracle-Gro Announces Executive Team Retirements and Reorganization
September 27 2023 - 7:00AM
The Scotts Miracle-Gro Company (NYSE: SMG), the world’s leading
marketer of branded consumer lawn and garden as well as indoor and
hydroponic growing products, today announced a reorganization of
its executive team following the planned retirements of President
Mike Lukemire and Executive Vice President, Global Human Resources
and Chief Ethics Officer Denise Stump.
Lukemire, 65, and Stump, 69, longtime executive team members
with over 20 years experience each at the Company, will retire
under a mutually agreed upon succession plan on October 1, 2023,
the start of ScottsMiracle-Gro’s 2024 fiscal year. Replacing Stump
is Julie DeMuesy, 52, most recently senior vice president, human
resources operations, who has been promoted to senior vice
president, chief human resources officer and chief ethics officer.
DeMuesy has been with the Company for 13 cumulative years, serving
in a variety of roles with increasing responsibility. Jim Hagedorn,
68, chairman and CEO, will assume the additional duties of
president upon Lukemire’s departure.
In a related move, Matt Garth, 49, who joined the Company in
December 2022 as executive vice president and CFO, has been named
to the expanded role of chief administrative officer. This follows
the September 2023 promotion of Nate Baxter, 50, who joined the
Company in May 2023 as an executive vice president, to chief
operating officer. Under the new executive structure, Baxter is
responsible for operation functions, including Supply Chain, Sales,
Marketing, R&D and Information Technology, among others. Garth
is responsible for corporate functions, including Finance,
Strategy, Legal, Investor Relations and Corporate Communications,
among others. Led by Hagedorn, the executive team includes Baxter,
Garth, DeMuesy, Dimiter Todorov, 51, executive vice president,
general counsel and corporate secretary, and Chris Hagedorn, 38,
division president in charge of wholly-owned subsidiary Hawthorne
Gardening Company. The executive team restructuring coincides with
reductions in other senior positions, primarily at the vice
president and senior vice president levels.
“We have been on a journey to transform
ScottsMiracle-Gro for future growth and increasing shareholder
value,” Jim Hagedorn said. “We’re right sizing into a leaner, less
layered and more agile organization capable of quickly adjusting to
macroeconomic factors and capitalizing on opportunities. The
executive changes reflect our commitment to continuous improvement,
streamlining the team and shifting responsibilities for running the
Company to our next generation leaders. I look forward to working
with this team to drive success for ScottsMiracle-Gro.
“As we focus on fiscal 2024, the cost-outs and efficiencies
gained through our Project Springboard initiative this past year
will enable us to redeploy resources into the most important
aspects of the business that contribute to our competitive edge and
market leadership, notably our brands, innovation and
marketing.”
The Company will provide details when it reports fiscal 2023
earnings on November 1, 2023, when it also will hold its quarterly
conference call with investors.
“I want to thank Mike and Denise for their partnership and
friendship over the many years,” Hagedorn added. “Together, we have
achieved groundbreaking results for our Company and our associates.
Their accomplishments are many, and I consider it a real pleasure
to have worked alongside both of them. We wish them the best.”
About ScottsMiracle-GroWith approximately $3.9
billion in sales, the Company is the world’s largest marketer of
branded consumer products for lawn and garden care. The Company’s
brands are among the most recognized in the industry. The Company’s
Scotts®, Miracle-Gro®, and Ortho® brands are market-leading in
their categories. The Company’s wholly-owned subsidiary, The
Hawthorne Gardening Company, is a leading provider of nutrients,
lighting, and other materials used in the indoor and hydroponic
growing segment. For additional information, visit us at
www.scottsmiraclegro.com.
For investor inquiries:Aimee DeLucaSr. Vice PresidentInvestor
Relationsinvestor@scotts.com(937) 578-5621
For media inquiries:Tom MatthewsChief Communications
Officer(937) 644-7044
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