Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 6, 2023

General Mills, Inc.

(Exact name of Registrant as Specified in Its Charter)


Delaware	001-01185	41-0274440
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

Number One General Mills Boulevard Minneapolis, Minnesota		55426
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: (763) 764-7600

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.10 par value	GIS	New York Stock Exchange
0.125% Notes due 2025	GIS 25A	New York Stock Exchange
0.450% Notes due 2026	GIS 26	New York Stock Exchange
1.500% Notes due 2027	GIS 27	New York Stock Exchange
3.907% Notes due 2029	GIS 29	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On December 6, 2023, General Mills, Inc. announced certain changes to its senior leadership team. These changes include Jonathan J. Nudi being appointed to a new role as Group President, Pet and International, effective January 1, 2024. Dana M. McNabb has been appointed to succeed Mr. Nudi as Group President, North America Retail, effective January 1, 2024. A copy of the press release announcing the leadership changes is filed as Exhibit 99 hereto.

Item 9.01 Financial Statements and Exhibits.

(d)

Exhibits.


99		Press Release dated December 6, 2023.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: December 6, 2023


GENERAL MILLS, INC.

By:		/s/ Karen Wilson Thissen
		Name: Karen Wilson Thissen
		Title: General Counsel and Secretary

Exhibit 99

FOR IMMEDIATE RELEASE

General Mills Announces Changes

to Senior Leadership Team

Also, Sean Walker, Group President, International, to Retire After More than 30 Years with Company

MINNEAPOLIS (Dec. 6, 2023) — General Mills, Inc. (NYSE: GIS) today announced several changes to its senior leadership team to further advance the company’s enterprise strategy, Accelerate.

•

Jon Nudi is appointed to a new role as Group President, Pet and International, where he will be accountable for the two largest growth areas for the company. Since 2016, Nudi served as Group President, North America Retail (NAR). Under Nudi’s leadership, NAR significantly accelerated its growth in organic net sales and segment operating profit, while driving consistent market share gains across its priority businesses. Ricardo Fernandez, newly promoted to Segment President, International, will report to Nudi, with Fernandez also joining the company’s senior leadership team. Fernandez has served as President, U.S. Morning Foods operating unit, since 2021 where he expanded the company’s leadership in its important U.S. cereal category. Earlier in his career, Fernandez held leadership roles for General Mills businesses in Europe and Latin America.

•

Dana McNabb is promoted to Group President, North America Retail, General Mills’ largest and most profitable segment. Since 2021, McNabb served as Chief Strategy and Growth Officer, where she was responsible for the company’s enterprise growth capabilities. Earlier, McNabb served as Group President, Europe & Australia segment, as well as President of the U.S. Cereal operating unit, notably achieving U.S. cereal category leadership for the first time in 15 years and accelerating growth in net sales and operating profit.

•

Bethany Quam is appointed President, U.S. Morning Foods, and will join the NAR leadership team, reporting to McNabb. Since 2019, Quam served as Group President, Pet, and led the segment to double-digit compound annual top and bottom-line growth.

•

Kofi Bruce, Chief Financial Officer, will oversee the Strategy and Growth organization on an interim basis while the company conducts an external search for a new Chief Strategy and Growth Officer.

All senior leadership changes are effective Jan. 1, 2024.

“We are making these strategic changes to best position General Mills for today’s dynamic landscape,” said Jeff Harmening, Chairman and CEO, General Mills. “These moves enable us to best match our deep bench of senior talent to fast-growing and important consumer areas and occasions. I am confident this will help us advance our next chapter in our Accelerate enterprise strategy.”

In addition, the company also announced that Sean Walker, who currently serves as Group President, International, will retire after more than three decades of service, effective Feb. 28, 2024.

“I also want to recognize the impact Sean Walker has had across our business and culture,” Harmening continued. “Sean identified big bets for our International business and has been instrumental in our most recent launch of Blue Buffalo in China. For more than three decades, Sean has been a positive driving force at the company, and we wish him nothing but the best as he starts a new and exciting chapter in life.”

# # #

About General Mills

General Mills makes food the world loves. The company is guided by its Accelerate strategy to drive shareholder value by boldly building its brands, relentlessly innovating, unleashing its scale and standing for good. Its portfolio of beloved brands includes household names such as Cheerios, Nature Valley, Blue Buffalo, Häagen-Dazs, Old El Paso, Pillsbury, Betty Crocker, Yoplait, Totino’s, Annie’s, Wanchai Ferry, Yoki and more. Headquartered in Minneapolis, Minnesota, USA, General Mills generated fiscal 2023 net sales of U.S. $20.1 billion. In addition, the company’s share of non-consolidated joint venture net sales totaled U.S. $1.0 billion.

Contacts

(Investors) Jeff Siemon : +1-763-764-2301

(Media) Chelcy Walker: +1-763-764-6364

Document and Entity Information	Dec. 06, 2023
Document And Entity Information [Line Items]
Entity Registrant Name	GENERAL MILLS INC
Amendment Flag	false
Entity Central Index Key	0000040704
Document Type	8-K
Document Period End Date	Dec. 06, 2023
Entity Incorporation State Country Code	DE
Entity File Number	001-01185
Entity Tax Identification Number	41-0274440
Entity Address, Address Line One	Number One General Mills Boulevard
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55426
City Area Code	(763)
Local Phone Number	764-7600
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Common Stock, $.10 par value
Trading Symbol	GIS
Security Exchange Name	NYSE
M 0.125 Notes Due 20253 [Member]
Document And Entity Information [Line Items]
Security 12b Title	0.125% Notes due 2025
Trading Symbol	GIS 25A
Security Exchange Name	NYSE
M 0.450 Notes Due 20261 [Member]
Document And Entity Information [Line Items]
Security 12b Title	0.450% Notes due 2026
Trading Symbol	GIS 26
Security Exchange Name	NYSE
One Point Five Zero Zero Percent Notes Due 2027 [Member]
Document And Entity Information [Line Items]
Security 12b Title	1.500% Notes due 2027
Trading Symbol	GIS 27
Security Exchange Name	NYSE
M 3.907 Notes Due 20292 [Member]
Document And Entity Information [Line Items]
Security 12b Title	3.907% Notes due 2029
Trading Symbol	GIS 29
Security Exchange Name	NYSE