General Mills COO Dana McNabb will move to the CEO role at the US food giant at the start of the year.
McNabb, who has spent more than two decades at General Mills, will succeed Jeff Harmening at the helm of the Nature Valley and Annie’s brands owner.
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Harmening has led General Mills for nine years. He will take on the role of executive chair of the company’s board of directors from 1 January.
General Mills has struggled to grow sales in recent years, held back by declines in its key North America grocery business.
McNabb was named COO in June after two years as president of the North America Retail division at General Mills.
She joined the Cheerios maker in 1998 at its subsidiary in Canada and her career at at the company also includes stints as chief strategy and growth office and president of its US cereal business.
“Dana has made significant contributions as a key member of the executive leadership of the company over the past few years and across the business globally throughout her career,” Maria Henry, independent lead director on the General Mills board, said today (30 September).
“She has a strong track record of success and a deep understanding of our consumers, our brands, our company and our industry. Dana is an outstanding leader with a clear strategic vision that she will translate into tangible outcomes for our shareholders, employees and the communities we serve.”
McNabb, who has worked at General Mills for 27 years, said it was “an honour and a privilege” to lead the business.
She added: “Returning the company to profitable growth is the priority and we know how we’ll get there. By building industry-leading, digitally enabled demand generation, and modernising our supply chain, we will fundamentally improve how we operate. This is a company with the brands and the people to win – my job is to make sure we do.
Henry said General Mills had “become a larger company with a stronger portfolio” during Harmening’s tenure.
She added: “It has delivered over $17bn to shareholders through dividends and share repurchases and revamped a third of its portfolio for greater growth, including the addition of the growing pet category.”
One of the most significant inorganic moves of Harmening’s time as CEO was General Mills’ $8bn acquisition of US-based Blue Buffalo Pet Products, a deal that marked the company’s move into the pet-food market.
