Officials identified a body found in Angeles National Forrest last week as Smith's, the Los Angeles County Coroner's Office said, according to Fox 11.
The station, which cited sources close to the investigation, said Smith's family has been notified. Police are treating the case as a homicide, but no suspect has been named, said the Hollywood Reporter.
The Los Angeles County Sheriff's Department declined to comment further.
"We're still trying to gather information, so I can't confirm that at this time," Deputy Sheriff Kelvin Moody said
The executive disappeared on the night of May 1, 2012, and was last seen at friend's residence near his office.
He left the property in his black Mercedes-Benz E420 sedan between 9 and 10 pm.
Police began treating the case as a homicide after Smith's Mercedes-Benz was discovered on February 21, 2013 in a Simi Valley storage facility connected to convicted drug dealer John Creech.
Creech is currently serving jail time. Smith allegedly was having an affair with Creech's wife.
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