General Mills COO Dana McNabb is set to become CEO of the US food manufacturer on 1 January.
McNabb will succeed Jeff Harmening, who has led the company behind brands including Nature Valley and Annie’s for nine years. He will become executive chair of General Mills’ board of directors from the same date.
The leadership transition comes as General Mills works to address several years of weak sales growth. Performance has been constrained by declining revenue in its core North America grocery business.
McNabb was appointed chief operating officer in June, following a two-year term as president of General Mills’ North America Retail division. She joined the Cheerios maker in 1998 through its Canadian subsidiary and has spent 27 years with the company.
Her previous roles have included chief strategy and growth officer and president of General Mills’ 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 on 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 said it was “an honour and a privilege” to take charge of General Mills.
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.”
The incoming CEO will oversee the company as it seeks to strengthen brand performance, improve consumer demand and modernise its food and beverage supply chain.
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.”
Harmening’s period as CEO included General Mills’ $8bn acquisition of US pet-food company Blue Buffalo Pet Products. The transaction represented a major expansion beyond the company’s traditional packaged food portfolio and established its presence in the growing pet-care market.
