Two months after reluctantly bidding farewell to a favorite chief financial officer, Scotts Miracle-Gro (SMG -0.89%) announced Monday that it has found a replacement. The lawn and garden products company has named former Nationwide Insurance CFO Larry Hilsheimer as its own new CFO, poaching him away from a position as COO of Nationwide Retirement Plans.
Accepting his new job with immediate effect, Hilsheimer commented that he is "excited to become a member of the team" -- as well he should be. According to a filing with the SEC, Scotts will be paying its new CFO a base salary of $650,000, plus an annual bonus of up to 70% of his "qualifying pay, $1.4 million in restricted stock units vesting over the next three years, and a $500,000 signing bonus.
Scotts shares dropped 0.9% in Monday trading, closing at $42.86.