General Mills names Dana McNabb CEO; Harmening returned $17 billion, about what the company is worth now
McNabb, 50, takes over on Jan. 1 with a $1.35 million salary and a 180% bonus target. Harmening stays as executive chair. The shares are about 34% below their 52-week high, and the company is now worth about one year of sales.
General Mills said Wednesday its board has elected Chief Operating Officer Dana McNabb to succeed Jeff Harmening as chief executive, effective January 1, 2027. Harmening, CEO since 2018, will become executive chair, the company said in a release filed with the SEC. McNabb has spent 27 years at the Cheerios and Pillsbury maker and now runs all four operating segments. CNBC reported the handover comes as the company deals with margin pressure, including higher packaging costs tied to US tariffs on steel and aluminum.
The stock was at $33.64 at 9:53 a.m. Eastern, down 0.5%, according to Nasdaq. Its 52-week range is $31.75 to $51.26, which leaves it about 34% below the high and close to the low.
The number in the board's farewell
In the release, lead independent director Maria Henry credited Harmening with delivering "over $17 billion to shareholders through dividends and share repurchases" and revamping a third of the portfolio, including the move into pet food. Set that against today's price. Nasdaq puts General Mills' market value at about $18.0 billion, and the company reported fiscal 2026 net sales of $18 billion. So the company is now valued at about one year of revenue, and the cash it has returned over Harmening's tenure is roughly equal to what the whole company is worth today.
That is the problem McNabb inherits. "Returning the company to profitable growth is the priority," she said in the release, pointing to digital marketing and a modernized supply chain as the tools.
What the 8-K says about pay
The Form 8-K sets out the terms:
| Base salary | Annual cash incentive target | |
|---|---|---|
| Dana McNabb, CEO from Jan. 1 | $1,350,000 | 180% of salary (about $2.43 million) |
| Jeff Harmening, executive chair from Jan. 1 | $1,100,000 | 125% of salary (about $1.38 million) |
McNabb also gets an extra $2.1 million a year in target long-term awards: half performance share units, a quarter restricted stock and a quarter stock options. The filing does not give her total package.
The backdrop in packaged food
The handover comes on the same morning that Conagra reported a 5.4% drop in grocery and snacks volume, a sign of how hard it is for big food brands to push prices higher without losing shoppers. General Mills' own first quarter, reported earlier this month, beat estimates and it reaffirmed its outlook, as we covered in our results story.
For independent grocers and foodservice buyers, nothing changes before January. McNabb's stated priorities are demand generation and the supply chain, so those are the areas to watch for changes once she takes over.
Sources: General Mills Form 8-K and press release via SEC EDGAR; Nasdaq; CNBC. Incentive dollar amounts, distance from the high and the market value comparison are our calculations. This is market information, not investment advice.
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