General Mills slips on CEO succession plan
GIS•General Mills shares fell 1.7% to $33.30 after the company said COO Dana McNabb would succeed Jeff Harmening as CEO on January 1. The stock was down 28.5% year to date.
1. Leadership change
General Mills said Dana McNabb, its COO and a 27-year company veteran, would succeed Jeff Harmening as CEO effective January 1. McNabb will be the company’s first woman CEO.
2. Business pressures
McNabb will take over as General Mills navigates intense competition from private-label brands and higher costs. Four of 21 brokerages rate the stock buy or higher, 14 rate it hold and four rate it sell or lower; the median price target is $938, according to LSEG-compiled data.
