Management ChangeJun 29, 2026, 06:56 AM
Scotts Miracle-Gro Names Nate Baxter CEO, Pete Shumlin Chairman
AI Summary
Scotts Miracle-Gro announced a significant leadership transition, appointing Nate Baxter as President and CEO, effective immediately. Baxter also joins the Board of Directors. Concurrently, independent Lead Director Pete Shumlin was elected Chairman of the Board. These changes are part of a long-term internal succession plan, as Jim Hagedorn, CEO since 2001 and Chairman since 2003, transitions from his roles. The company also reaffirmed its previously provided Fiscal 2026 guidance, including low single-digit U.S. Consumer net sales growth and non-GAAP adjusted net income per share of $4.15 to $4.35.
Key Highlights
- Nate Baxter appointed President and CEO, effective immediately, and joins the Board of Directors.
- Pete Shumlin, independent Lead Director, elected Chairman of the Board.
- Jim Hagedorn, CEO since 2001 and Chairman since 2003, transitions from the Company and Board.
- Baxter, 53, joined in 2023 and is the architect of the SMG 2.0 growth strategy.
- Company reaffirmed Fiscal 2026 guidance for U.S. Consumer net sales low single-digit growth.
- Reaffirmed Fiscal 2026 non-GAAP adjusted gross margin of at least 32%.
- Reaffirmed Fiscal 2026 non-GAAP adjusted net income per share from continuing operations of $4.15 to $4.35.
- Reaffirmed Fiscal 2026 free cash flow of approximately $275 million.
Price Impact
More from SMG