General Mills CEO Jeff Harmening
General Mills has announced that COO Jeff Harmening will replace Ken Powell as CEO from 1 June.
Powell will remain with the company for a transitionary period as chairman of the board, but is stepping down as CEO after ten years. He is expected to retire within the next year.
“I am honoured to take the helm of General Mills at such an important point in its history,” Harmening said. “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.”
Outgoing CEO Ken Powell said: “General Mills has a long tradition of delivering top-tier returns that our shareholders have counted on for generations. We are focused on growth and feel strongly that Jeff is the right leader for the next leg of our journey.”
Movement at the top
Executive changes in the US food and beverage industry, 2017
Speaking on behalf of the board, General Mills’ R Kerry Clark 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% compound annual total shareholder returns.
“A key responsibility of a board is leading a thoughtful, robust succession planning process. 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 US and globally. He is not afraid to challenge the status quo and he is a tenacious and resilient leader.”
During Harmening’s leadership of General Mills’ US retail business, the company expanded its position in the natural and organic segment, including through the acquisition of Annie’s and meat snack maker Epic Provisions, making General Mills currently the fourth largest maker of natural and organic foods in the US. While president of the company’s US cereal business, Harmening led a realignment of the portfolio and, at the helm of its cereal joint venture with Nestlé, he oversaw a reorganisation that positioned the business to deliver long-term profitable growth.
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