Scotts Miracle-Gro Co. (SMG), the largest marketer of branded lawn-care products, replaced its chief financial officer after a year in the job.
Larry Hilsheimer left with immediate effect, Marysville, Ohio-based Scotts said today in a statement. Randy Coleman, 45, previously a senior vice president at the company, was named the new CFO.
“As we have refined our strategic plan over the past year, our needs have changed, which is why we recognized that Randy is a better fit for our new direction,” Chairman and Chief Executive Officer Jim Hagedorn said in the statement.
Hilsheimer was appointed CFO on April 1 last year. Coleman’s promotion doesn’t reflect any issues with Scott’s financial controls or business performance, Hagedorn said.
In February, Scotts reported a wider-than-expected fiscal first-quarter loss and sales that missed analysts’ estimates. The company reports its next earnings May 5.
Scotts rose 2 percent to $59.63 at the close in New York. The shares have fallen 4.2 percent this year.
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