Management ChangeJul 1, 2026, 04:07 PM
ScottsMiracle-Gro Names Nate Baxter CEO, Pete Shumlin Chairman
AI Summary
The Scotts Miracle-Gro Company announced a strategic leadership succession, naming Nathan E. Baxter as President & Chief Executive Officer, effective June 26, 2026. Mr. Baxter, previously President & COO, also joins the Board of Directors. Peter Shumlin, Lead Independent Director, was elected Chairman of the Board, succeeding James Hagedorn, who resigned as CEO and Chairman as part of a long-term succession plan. The company also detailed compensation for Mr. Baxter and severance arrangements for Mr. Hagedorn, while reaffirming its Fiscal 2026 guidance.
Key Highlights
- Nathan E. Baxter appointed President & Chief Executive Officer, effective June 26, 2026.
- Peter Shumlin elected Chairman of the Board, succeeding James Hagedorn.
- James Hagedorn resigned as CEO and Chairman, concluding a nearly 40-year career.
- Nathan Baxter's annual base salary set at $1,100,000 with a 150% target incentive.
- Nathan Baxter to receive a $2,000,000 restricted stock unit grant.
- James Hagedorn to receive $17,400,000 severance over 12 months.
- James Hagedorn to receive $3,600,000 over three years for non-competition covenants.
- Company reaffirmed Fiscal 2026 guidance, including non-GAAP adjusted EPS of $4.15 to $4.35.
Price Impact
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