Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Departure of Cory J. Miller as Executive Vice President and Chief Financial
Officer
On August 29, 2022, The Scotts Miracle-Gro Company (the "Company") and Cory J.
Miller, Executive Vice President & Chief Financial Officer, mutually agreed that
he will depart his position as Executive Vice President & Chief Financial
Officer effective immediately. Mr. Miller's separation will be treated as an
involuntary termination without cause for purposes of severance calculations.
Appointment of David C. Evans as Interim Chief Financial Officer
On August 31, 2022, the Company announced that its Board of Directors appointed
David C. Evans, 59, as interim Chief Financial Officer, effective August 30,
2022. The Company is conducting a search process to fill the Chief Financial
Officer role on a permanent basis.
Mr. Evans served as Chief Financial Officer of the Company from 2006 until 2013
and was named to its Board of Directors in 2018. He will remain on the Board of
Directors, but will no longer serve on its Audit Committee or Finance Committee
and will not serve on any NYSE required Board committees while he is serving as
interim Chief Financial Officer. Mr. Evans served as the interim Chief Financial
Officer of Cardinal Health, Inc., a global integrated healthcare services and
products company, from September 2019 until May 2020, after a transition role
beginning in July 2019, and as Executive Vice President and Chief Financial
Officer of Battelle Memorial Institute, a private research and development
organization, from 2013 until 2018. Mr. Evans is a director of Cardinal Health,
Inc.
In connection with his appointment as interim Chief Financial Officer, Mr. Evans
will receive a base salary of $140,625 per month, but will not participate in
The Scotts Company LLC Amended and Restated Executive Incentive Plan. He will
also receive a one-time grant of restricted stock units on September 1, 2022
having a grant date value of $1,075,000. The restricted stock units will vest
ratably at the rate of 1/7 for each month or partial month of service between
September 1, 2022 and March 31, 2023, subject to accelerated vesting at the
discretion of the Compensation and Organization Committee. The vested shares of
common stock will settle on March 31, 2023. Mr. Evans will also be eligible to
participate in all Company benefit plans and the Company's Executive Retirement
Plan, and limited use of Company-owned aircraft for business and personal
purposes. Mr. Evans will not receive any additional compensation for his board
service while he serves as interim Chief Financial Officer.
A copy of the press release issued by the Company on August 31, 2022 announcing
these changes is included as Exhibit 99.1 to this Current Report on Form 8-K and
is incorporated herein by reference.
Item 8.01. Other Events.
On August 31, 2022, Scotts Miracle-Gro issued a news release correcting and
updating forward-looking guidance of certain financial metrics. The news release
is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and
incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(a) Financial statements of businesses acquired:
Not applicable.
(b) Pro forma financial information:
Not applicable.
(c) Shell company transactions:
Not applicable.
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(d) Exhibits:
Exhibit No. Description
99.1 News Release issued by The Scotts Miracle-Gro Company on August 31, 2022
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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