Great Scotts (SMG) Jim Hagedorn! You must be a moron!
Scotts Miracle-Gro's Chairman and CEO announced Monday the company's plan to restructure the size and composition of its board of directors. The lawncare giant said the move was already in the works, but was hastened by the resignations of three board members following an unprintable outburst by Hagedorn.
What makes his outburst unprintable?First of all, we don't know exactly what he said. So there's that little problem. Next, even if we did have a transcript of Hagedorn's salty statement, it was reportedly so vulgar that we couldn't print it anyway. "While I have a tendency to use colorful language, I recognize my comments in this case were inappropriate and I apologize," said Hagedorn. "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." "Colorful" our ass, Jim. There's nothing charming about your childish behavior. To be blunt, it only makes us remember that you ascended to the corner office in 2001, not for your leadership skills, but because you are the child of the company's co-founder. Furthermore, the fact that you've been cursing on analyst calls and interviews for years doesn't make whatever you said this time any better. There is no precedent setting for stupidity. By the way, shares of Scotts have returned 13% in the past year versus 29% for the S&P 500, so Hagedorn's petulance hasn't been paying off for stockholders of late either. Despite the board's unanimously supported reprimand of Hagedorn, he still graciously wished the departing members well. "Each of these board members served us well for many years and I want to thank them for their counsel and contributions," said Hagedorn. "I wish them each well in their future endeavors." Now you're talking Jim! Way to use those big boy words.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV