Jeff Harmening, who has served as president and CEO of General Mills since June 2017 and as chairman of the board since January 2018, has announced his retirement effective July 2025. Under his leadership, the company achieved notable milestones, including expanded positions in natural and organic food through acquisitions like Annie’s and EPIC Provisions, growth in the U.S. cereal market, and early adoption of regenerative agriculture initiatives.
General Mills has selected Dana McNabb, currently serving as Chief Strategy and Growth Officer, to succeed Harmening as CEO. To prepare her for the top role, McNabb will assume responsibility as Group President of both the North America Retail and North America Pet segments, effective June 1, 2025. In her expanded capacity, she will oversee the company’s largest operating division in addition to its rapidly growing pet food business, reporting directly to the board this summer.
McNabb brings a proven track record to the role. She previously led efforts in the U.S. cereal division, reviving it to category leadership after 15 years, and she successfully redirected growth in the Europe & Australia region. As Chief Strategy and Growth Officer, she shaped the company’s portfolio and long-term growth initiatives.
In announcing the leadership transition, Harmening praised McNabb’s “strategic rigor,” brand-building capability, and operational leadership, citing these qualities as instrumental to the company’s planned expansion in the pet food segment. He emphasized that this move will preserve momentum in both global growth and wellness-centered product innovation during a pivotal time for the company.
This shift occurs as General Mills executes its broader transformation strategy, targeting productivity improvements and cost reductions through fiscal 2028. The company recently posted charges of approximately US $130 million, largely attributed to restructuring expenses. Facing challenges such as soft demand for certain snack and pet products, macroeconomic headwinds, and heightened private-label competition, General Mills is reorienting its portfolio and accelerating initiatives in health and wellness.
The strategic focus on the pet food category is especially significant. With pet ownership and spending on premium products rising, the company sees strong potential in broadening its reach beyond established brands such as Blue Buffalo. McNabb’s dual leadership role positions General Mills to deliver innovation and elevated consumer experiences across its most vital growth platforms.
Financially, the transition arrives during a period of subdued performance. Shares of General Mills have declined over 15% year-to-date, hovering near 52-week lows. Despite this, the company remains financially sound with a market capitalization close to US $30 billion, EBITDA of approximately US $4.2 billion, and a longstanding dividend track record of 55 consecutive years.
Looking ahead, General Mills’ board aims for a smooth CEO transition in July, with McNabb expected to fully assume Harmening’s roles shortly thereafter. Key priorities will include capitalizing on growth in pet food, sustaining expansion in natural and wellness brands, and driving productivity gains through operational efficiencies. Investor attention will focus on updated guidance and strategic execution in the upcoming fiscal year.
Overall, the leadership change underscores General Mills’ strategic intention to embed continuity, foster innovation, and maintain careful stewardship as it navigates market pressures, consumer shifts, and long-term growth objectives.
