General Mills names insider McNabb as CEO, succeeding veteran Harmening
GIS•General Mills said Chief Operating Officer Dana McNabb will succeed CEO Jeff Harmening next year. The packaged foods maker is facing margin pressures and higher input costs, including from tariffs on metals used in packaging.
1. Leadership transition
General Mills said Dana McNabb, its chief operating officer, will succeed longtime CEO Jeff Harmening next year. McNabb has spent 27 years at the company and held senior roles in general management, enterprise strategy, marketing and international operations.
2. Business pressures
The packaged foods maker is raising prices to offset higher input costs, including raw materials affected by U.S. import tariffs on aluminum and steel used in packaging. Under Harmening, who joined General Mills in 1994 and has been CEO since 2018, the company divested some underperforming brands.
3. Recent results
Earlier this month, General Mills beat first-quarter sales and profit estimates and reaffirmed its annual forecast, as price increases and resilient packaged-food demand helped cushion higher input costs.
