Marysville, Ohia
January 30, 2003
The Scotts Company (NYSE: SMG), the global leader in the
consumer lawn and garden market, announced today that its Board
of Directors has appointed James Hagedorn as chairman of the
board, replacing Charles M. Berger, who retired.
Hagedorn, 47, also is president and chief executive officer of
Scotts.
Additionally, the board appointed Stephanie M. Shern to fill the
vacancy created by Berger's retirement. She is founder and CEO
of Shern Associates, a retail consulting and business advisory
firm. She previously was vice chairman and Global Director of
Retail and Consumer Products for Ernst & Young. Shern, a
certified public accountant with extensive auditing experience,
qualifies as a financial expert and will serve in that capacity
on the Company's Audit Committee.
Scotts also held its annual shareholders meeting Thursday at its
corporate headquarters. During the meeting, shareholders elected
Lynn J. Beasley to the board for a term to expire in 2006. She
is president and chief operating officer of RJ Reynolds Tobacco
Company and replaces John Kenlon, a 42-year veteran of the
company, who retired.
Re-elected to the board for terms expiring in 2006 were Arnold
W. Donald, John M. Sullivan and L. Jack Van Fossen.
During the meeting, Hagedorn outlined the Company's near- and
long-term growth strategy, including its current effort to
expand into other retail channels, as well as new categories of
the lawn and garden department.
"We know our core business remains under-penetrated and we will
continue to work on growing our lawns, gardens and controls
businesses," Hagedorn said. "However, we do not believe our
growth should be confined to these businesses, or to our
existing customer base."
Hagedorn also reaffirmed the company's outlook that sales will
increase 7 to 9 percent in fiscal 2003 and adjusted earnings --
which exclude restructuring and other charges -- will improve by
at least 15 percent.
The Scotts Company is the world's leading supplier of
consumer products for lawn and garden care, with a full range of
products for professional horticulture as well. The company owns
the industry's most recognized brands. In the U.S., the
company's Scotts(R), Miracle-Gro(R) and Ortho(R) brands are
market leading in their categories, as is the consumer
Roundup(R) brand which is marketed in North America and most of
Europe exclusively by Scotts and owned by Monsanto. In the
Europe, Scotts' brands include Weedol(R) Pathclear(R),
Evergreen(R), Levington(R) Miracle-Gro(R), KB(R), Fertiligene(R)
and Substral(R).
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