{"id":412063,"date":"2021-01-11T08:48:13","date_gmt":"2021-01-11T13:48:13","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=412063"},"modified":"2021-01-11T08:48:13","modified_gmt":"2021-01-11T13:48:13","slug":"scottsmiracle-gro-announces-realignment-of-finance-supply-chain-and-corporate-affairs-teams-departure-of-randy-coleman-as-chief-financial-officer","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/scottsmiracle-gro-announces-realignment-of-finance-supply-chain-and-corporate-affairs-teams-departure-of-randy-coleman-as-chief-financial-officer\/","title":{"rendered":"ScottsMiracle-Gro Announces Realignment of Finance, Supply Chain and Corporate Affairs Teams; Departure of Randy Coleman as Chief Financial Officer"},"content":{"rendered":"
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\n Realignments position the Company for continued growth<\/em>
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\n Business momentum continues as both major segments exceed internal Q1 targets<\/em>
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MARYSVILLE, Ohio, Jan. 11, 2021 (GLOBE NEWSWIRE) — The\u00a0Scotts Miracle-Gro Company\u00a0(NYSE: SMG) today announced a series of organizational changes in the areas of finance, supply chain and corporate affairs designed to fully leverage future growth opportunities and drive long-term shareholder value. As part of the realignment, the Company announced Randy Coleman has departed as executive vice president and chief financial officer and that Cory Miller<\/u><\/a>, previously vice president of finance for Hawthorne Gardening Company, has been promoted to senior vice president and named as interim CFO. The Company will commence a formal search process to fill the role on a permanent basis, which will include a review of both internal and external candidates.<\/p>\n

\u201cCory has emerged as one of our brightest leaders through his contributions to the growth and success of Hawthorne over the past several years, and shareholders should be confident in his abilities to assume the duties of the CFO role,\u201d said Jim Hagedorn, chairman and CEO. \u201cDuring his more than 20-year tenure, he has excelled in a series of corporate and operating roles, culminating in his current role as finance lead for Hawthorne. Cory has been deeply involved in the business, including the integration of Sunlight Supply and several other acquisitions that have led to the current Hawthorne portfolio.\u201d<\/p>\n

In a broader realignment of the finance organization, Kelly Berry<\/u><\/a>, formerly corporate treasurer, has been promoted to lead all of finance for the U.S. Consumer business segment. Lonny Essex<\/u><\/a>, a former corporate banker and long-tenured associate and consultant, has been named to succeed Ms. Berry as treasurer, a role he has held in the past. Mark Scheiwer<\/u><\/a> will transition from his role as controller to lead the Hawthorne finance team. Brad Chelton<\/u><\/a>, the former head of internal audit who currently leads supply chain finance, will transition into the controller\u2019s role. Mr. Chelton joined ScottsMiracle-Gro in 2007 after a 9-year career in public accounting. Mark Sims<\/u><\/a> has been promoted to senior vice president of special operations, which includes strategic planning and internal consulting as well as mergers and acquisitions. He will report directly to Jim Hagedorn.<\/p>\n

Separately, Dave Swihart<\/u><\/a>, senior vice president of research and development, has taken on the expanded role of leading global technology and operations and will continue to report to Mike Lukemire, president and chief operating officer. This expanded role includes oversight of the entire global supply chain function. Scott Hendrick<\/u><\/a> will lead all manufacturing and distribution operations, and Mark Slavens<\/u><\/a>, PhD., will assume a broader leadership role in R&D. Both will report to Mr. Swihart.<\/p>\n

\u201cUnder Dave\u2019s leadership, we have dramatically improved our innovation processes and have benefitted from a series of the most successful product launches in our history,\u201d Lukemire said. \u201cAs we continue to advance our supply chain to meet the rapidly evolving needs of the market, including the expansion of our direct-to-consumer efforts, he is the right person to also oversee this effort. Dave\u2019s expanded role provides me more flexibility to work with Jim and our Board of Directors on key strategic initiatives that we believe will drive growth and value for years to come.\u201d<\/p>\n

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\n Brian Herrington<\/u>
\n <\/a> has been promoted to vice president of external affairs at Hawthorne and will oversee all state and federal government relations activities for that business. He will report to Chris Hagedorn, general manager of Hawthorne, and Jim King, executive vice president for corporate affairs. The Company also will create a lead public affairs role based in Washington, D.C., reporting to Mr. King.<\/p>\n

Hagedorn stressed the realignment and Mr. Coleman\u2019s departure were not related to any concerns about past or future business performance or the integrity of the Company\u2019s financial controls. Rather, internal planning for most of the changes announced today have been underway for months as part of ongoing strategic planning, talent management and succession planning discussions.<\/p>\n

\u201cClearly our business has been performing well and that trend has continued into 2021 as we exceeded our expectations for the first quarter,\u201d said Jim Hagedorn. \u201cThis realignment is focused on fully exploiting the longer-term opportunities that lie ahead and leveraging the deep well of talent that exists within ScottsMiracle-Gro.<\/p>\n

\u201cIn our U.S. Consumer business, gardening has never been more relevant to consumers, and demographic trends continue to work in our favor. Further investments in marketing and categories like live goods will be critical in this business. And at Hawthorne, the regulatory environment continues to improve at both the state and federal level. Those tailwinds, coupled with the improvements we\u2019ve made over the past two years and the recent opening of our new R&D facility in Canada, clearly position Hawthorne above any other player in the industry.<\/p>\n

\u201cAll of us want to thank Randy for his more than 20-year commitment to ScottsMiracle-Gro. He played a key role in the creation of Hawthorne, the development and implementation of Project Focus and other initiatives that significantly improved our market position and drove meaningful shareholder value. He remains a friend to all of us, and we wish him continued success in his future endeavors.\u201d<\/p>\n

\u00a0\u201cMy departure from ScottsMiracle-Gro is on friendly terms,\u201d Mr. Coleman said. \u201cI am proud of the body of work I leave behind, confident in the depth and strength of the finance team and am aligned with the strategy that I helped shape and that my former colleagues continue to pursue. Mostly, I am forever grateful for the opportunities and relationships that have helped shape my career and life.\u201d<\/p>\n

Dave Evans, the CFO of ScottsMiracle-Gro from 2006 to 2013, and now a member of the Board of Directors, will serve as a senior advisor to the executive leadership and finance team during the transition to a permanent CFO.<\/p>\n

\u201cWe are fortunate to have access to Dave\u2019s counsel and experience,\u201d Hagedorn said. \u201cWe also have exceptional talent, not just in the finance organization, but the entire enterprise. I am optimistic about our ability to capture the opportunities ahead of us.\u201d<\/p>\n

\n About ScottsMiracle-Gro<\/strong>
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With approximately\u00a0$4.1 billion\u00a0in sales, the Company is one of the world’s largest marketers 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\u00ae, Miracle-Gro\u00ae and Ortho\u00ae brands are market-leading in their categories. The Company\u2019s wholly-owned subsidiary,\u00a0The 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\u00a0www.scottsmiraclegro.com<\/u><\/a>.\u00a0<\/p>\n

\n Cautionary Note Regarding Forward-Looking Statements\u00a0<\/strong>
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Statements contained in this press release, other than statements of historical fact, which address activities, events and developments that the Company expects or anticipates will or may occur in the future, including, but not limited to, information regarding the future economic performance and financial condition of the Company, the plans and objectives of the Company\u2019s management, and the Company\u2019s assumptions regarding such performance and plans are \u201cforward-looking statements\u201d within the meaning of the U.S. federal securities laws that are subject to risks and uncertainties. These forward-looking statements generally can be identified as statements that include phrases such as \u201cguidance,\u201d \u201coutlook,\u201d \u201cprojected,\u201d \u201cbelieve,\u201d \u201ctarget,\u201d \u201cpredict,\u201d \u201cestimate,\u201d \u201cforecast,\u201d \u201cstrategy,\u201d \u201cmay,\u201d \u201cgoal,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cforesee,\u201d \u201clikely,\u201d \u201cwill,\u201d \u201cshould\u201d or other similar words or phrases. Actual results could differ materially from the forward-looking information in this release due to a variety of factors, including, but not limited to:<\/p>\n