MINNEAPOLIS, May 3, 2017 /PRNewswire/ -- General Mills (NYSE:
GIS) today announced that its board of directors has elected
Jeffrey L. Harmening Chief Executive
Officer of the company, effective June 1,
2017. The board also elected Harmening to the General
Mills Board of
Directors. Harmening, age 50, is a 23-year veteran of the
company and has served as President and Chief Operating Officer
since July 1, 2016. Harmening
succeeds Ken Powell, who has served
as General Mills Chairman and Chief Executive Officer since 2007.
Powell will continue to serve as the company's Chairman for a
transition period until his retirement, expected within the next
year.
"General Mills has a long tradition of delivering top-tier
returns that our shareholders have counted on for generations,"
said Powell. "We are focused on growth and feel strongly that
Jeff is the right leader for the next leg of our journey."
R. Kerry Clark, Independent Lead
Director of the General Mills Board
added, "Under Ken's leadership as CEO, the company made significant
strides to expand globally, developed a culture of Holistic Margin
Management, and redoubled its focus on meeting the ever-changing
needs of consumers. These achievements have resulted in outstanding
value creation for General Mills shareholders, including 11 percent
compound annual total shareholder returns."
"A key responsibility of a board is leading a thoughtful, robust
succession planning process," Clark continued. "The board
unanimously cast its vote for Jeff as the best candidate to lead
this venerable 150-year-old company. Jeff knows how to build
talented teams and has extensive experience both in the U.S. and
globally. He is not afraid to challenge the status quo and he is a
tenacious and resilient leader."
During Harmening's leadership of the U.S. Retail business, the
company greatly expanded its position in the natural and organic
segment, including the acquisition of Annie's and EPIC Provisions,
making General Mills currently the fourth largest maker of natural
and organic foods in the U.S. While President of the company's U.S.
cereal business, Harmening led a realignment of the portfolio that
resulted in multiple years of growth in sales, market share and
profitability. As CEO of Cereal Partners Worldwide (CPW), the
joint venture with Nestlé based in Switzerland that markets cereal in 130
countries, Harmening oversaw a reorganization of the company that
positioned the business to deliver long-term profitable
growth.
"I am honored to take the helm of General Mills at such an
important point in its history," said Harmening. "Building on the
legacy of those that have led this great company before me is an
exciting challenge and one I do not take on alone. General Mills'
employees are singularly focused on driving growth and returns for
the long term, and it will be a privilege to help them reach that
goal."
Harmening joined General Mills in 1994 and has served in a
variety of roles including Senior Vice President, Chief Executive
Officer of CPW. Harmening has served as Executive Vice President,
Chief Operating Officer, U.S. Retail, Vice President and Senior
Vice President of the Big G cereal division, and a variety of
marketing roles in Betty Crocker,
Yoplait, Foodservice, and Big G new enterprises.
Harmening holds a bachelor's degree from DePauw University and an MBA from Harvard, and is on the board of trustees for
DePauw University.
About General Mills
General Mills is a leading global food company that serves the
world by making food people love. Its brands include
Cheerios, Annie's, Yoplait, Nature
Valley, Fiber One, Haagen-Dazs, Betty Crocker, Pillsbury, Old El
Paso, Wanchai Ferry,
Yoki and more. Headquartered in Minneapolis, Minnesota, USA, General Mills
generated fiscal 2016 consolidated net sales of US $16.6 billion, as well as another US $1.0 billion from its proportionate share of
joint-venture net sales.
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SOURCE General Mills