General Mills to Cut Up to 600 Jobs Amid Restructuring
December 05 2016 - 12:00PM
Dow Jones News
General Mills Inc. said between 400 and 600 jobs would be
eliminated in a restructuring as the struggling food giant works to
adapt to changing food trends and prepare for an eventual new
leader.
The round of job cuts is just the latest from General Mills,
which has had to close factories and outlined plans to cut about
5,000 jobs—more than a tenth of its workforce—since September
2014.
General Mills said it is bringing in "external expertise" in the
areas of strategic revenue management, e-commerce and marketing. It
also said it is looking for a new chief marketing officer.
The company recently announced that Chief Operating Officer Jeff
Harmening, who the Wall Street Journal reported in August is being
groomed for the eventual chief executive role, was taking over the
COO role for the entire company. Four business groups will report
directly to Mr. Harmening.
In its latest quarter, General Mills said in September that
sales fell 7% as its yogurt business plunged in the U.S., as
shoppers traded Yoplait for Greek-style brands.
Shares of General Mills were flat in morning trading.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
December 05, 2016 11:45 ET (16:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
General Mills (NYSE:GIS)
Historical Stock Chart
From Aug 2024 to Sep 2024
General Mills (NYSE:GIS)
Historical Stock Chart
From Sep 2023 to Sep 2024