This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

ScottsMiracle-Gro Announces Resignation Of Board Members

MARYSVILLE, Ohio, June 3, 2013 /PRNewswire-FirstCall/ -- The Scotts Miracle-Gro Company (NYSE: SMG) today announced it would restructure the size and composition of its Board of Directors, a decision previously contemplated but accelerated by the recent resignations of three board members.

In a filing with the Securities and Exchange Commission, the Company said the following members have resigned: Carl F. Kohrt, PhD, who recently accepted the position as president of his alma mater, Furman University in South Carolina; as well as John S. Shiely and William G. Jurgensen.

"Each of these board members served us well for many years and I want to thank them for their counsel and contributions," said Jim Hagedorn, chairman and chief executive officer. "I wish them each well in their future endeavors."

The Company began discussions last year about a move to a smaller board of directors, which would be consistent with other peer companies and also more efficient. With that background, the board has determined to not fill the current vacancies at this time. The board will likely be reduced in size to eight to 10 members over time as part of the normal nominating and election process.

The resignations were delivered to the Company following a unanimously-supported reprimand of Hagedorn that stemmed from the use of inappropriate language.  All three former board members confirmed that their departures were not related to any disagreement relating to the Company's operations, policies, practices or financial reporting.

"While I have a tendency to use colorful language, I recognize my comments in this case were inappropriate and I apologize," Hagedorn said. "I, along with the rest of our board members, consider the matter resolved and I have made a personal commitment to prevent a future recurrence."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,050.75 +138.46 0.82%
S&P 500 2,013.43 +15.91 0.80%
NASDAQ 4,810.7880 +19.6360 0.41%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs