ScottsMiracle-Gro Announces Resignation of Chief Financial Officer
Dave Evans to leave post in mid-February; assisting in transition
MARYSVILLE, Ohio, Jan. 28, 2013
MARYSVILLE, Ohio, Jan. 28, 2013 /PRNewswire-FirstCall/ -- The Scotts
Miracle-Gro Company (NYSE:SMG), the global leader in the consumer lawn and
garden industry, today announced that Dave Evans has resigned as chief
financial officer and executive vice president and has accepted a similar role
with Columbus-based Battelle, the world's largest nonprofit research and
"To say that Dave made important contributions to the business and to the
culture of ScottsMiracle-Gro during his 19 years here is a gross
understatement," said Jim Hagedorn, chairman and chief executive officer. "He
is one of the finest finance professionals I have ever worked with and was a
trusted partner who earned the respect of our Board, our shareholders and all
of our associates. While I am personally and professionally sad to see him
leave, I am excited for Dave and his family as he makes this change."
Evans joined ScottsMiracle-Gro as director of finance for operations in 1993
and moved through several roles before being named CFO in 2006. In 2011 his
role was expanded to include strategic planning and business development.
Evans will remain at the Company through the filing of its first quarter
results in mid February and is actively working with Hagedorn and the Board of
Directors on creating an orderly transition. The Company has begun identifying
and interviewing internal and external candidates for the role.
"It is a bittersweet moment for me as I leave Scotts and enter a new chapter
of my life and career," Evans said. "The opportunity to join an organization
with global reach and scale and a commitment to science and technology for the
greater good is one that I feel compelled to pursue, but I do so with mixed
emotion. I have spent nearly two decades with ScottsMiracle-Gro and it will
forever be an important part of my life. Of all the things we have
accomplished during my tenure as CFO I am most proudofthe finance team that
remains in place. The strength and depth of this team would be the envy of any
public company. I leave ScottsMiracle-Gro fully confident in both our near-
and long-term plans, the strength of the leadership team and the
implementation of a strategic plan that focuses on driving shareholder value."
With more than $2.8 billion in worldwide sales, The Scotts Miracle-Gro
Company, through its wholly-owned subsidiary, The Scotts Company LLC, is the
world's largest marketer of branded consumer products for lawn and garden
care. The Company's brands are the most recognized in the industry. In the
U.S., the Company's Scotts®, Miracle-Gro® and Ortho® brands are market-leading
in their categories, as is the consumer Roundup® brand, which is marketed in
North America and most of Europe exclusively by Scotts and owned by Monsanto.
In the U.S., we operate Scotts LawnService®, the second largest residential
lawn care service business. In Europe, the Company's brands include Weedol®,
Pathclear®, Evergreen®, Levington®, Miracle-Gro®, KB®, Fertiligene® and
Substral®. For additional information, visit us at www.scotts.com.
Cautionary Note Regarding Forward-Looking Statements
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's
management, and the Company's assumptions regarding such performance and plans
are "forward-looking statements" 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 "guidance," "outlook," "projected," "believe,"
"target," "predict," "estimate," "forecast," "strategy," "may," "goal,"
"expect," "anticipate," "intend," "plan," "foresee," "likely," "will,"
"should" 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:
oCompliance with environmental and other public health regulations could
increase the Company's costs of doing business or limit the Company's
ability to market all of its products;
oIncreases in the prices of raw materials and fuel costs could adversely
affect the Company's results of operations;
oThe highly competitive nature of the Company's markets could adversely
affect its ability to maintain or grow revenues;
oBecause of the concentration of the Company's sales to a small number of
retail customers, the loss of one or more of, or significant reduction in
orders from, its top customers could adversely affect the Company's
oAdverse weather conditions could adversely impact financial results;
oThe Company's international operations make the Company susceptible to
fluctuations in currency exchange rates and to other costs and risks
associated with international regulation;
oThe Company may not be able to adequately protect its intellectual
property and other proprietary rights that are material to the Company's
oThe Company depends on key personnel and may not be able to retain those
employees or recruit additional qualified personnel;
oIf Monsanto Company were to terminate the Marketing Agreement for consumer
Roundup products, the Company would lose a substantial source of future
earnings and overhead expense absorption;
oHagedorn Partnership, L.P. beneficially owns approximately 30% of the
Company's common shares and can significantly influence decisions that
require the approval of shareholders;
oThe Company may pursue acquisitions, dispositions, investments, dividends,
share repurchases and/or other corporate transactions that it believes
will maximize equity returns of its shareholders but may involve risks.
Additional detailed information concerning a number of the important factors
that could cause actual results to differ materially from the forward-looking
information contained in this release is readily available in the Company's
publicly filed quarterly, annual and other reports. The Company disclaims any
obligation to update developments of these risk factors or to announce
publicly any revision to any of the forward-looking statements contained in
this release, or to make corrections to reflect future events or developments.
SOURCE The Scotts Miracle-Gro Company
Contact: Jim King, Senior Vice President, Corporate Communications & Investor
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