UPDATE 1-ScottsMiracle-Gro says Hagedorn to remain CEO

Fri Oct 29, 2010 8:45am EDT

* CEO says growth prospects behind decision

* COO steps down after 2 years

Oct 29 (Reuters) -ScottsMiracle-Gro Co (SMG.N) said Chief Executive Jim Hagedorn, who had decided to step down this fiscal year, has postponed his retirement.

Chief Operating Officer Mark Baker, however, is leaving the company after a two-year stint. CEO Hagedorn had said in 2008 that he intended to retire at 55. "The success we've seen over the past two years has been exciting, but it really just reinforces how much more opportunity remains for our company and the lawn and garden category," he said.

ScottsMiracle shares have risen some 44 percent since their year-low in February, and the company has been benefitting from strong sales of its garden and lawn care products.

The Marysville, Ohio-based company sells everything from grass seeds to fertilizers to potting soils and related tools through retailers like Home Depot (HD.N) and Lowe's (LOW.N). (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Jarshad Kakkrakandy)