You might also like
General Mills, Inc. (GIS) is a leading global manufacturer and marketer of branded consumer foods, operating in over 100 countries across six continents . The company manages its business through four operating segments: North America Retail, International, Pet, and North America Foodservice . General Mills offers a diverse range of products, including ready-to-eat cereals, yogurt, soups, meal kits, snacks, baking mixes, frozen foods, and pet food . In fiscal 2024, the company generated approximately $20 billion in net sales, with an additional $1 billion from non-consolidated joint ventures .
- North America Retail - Offers a wide variety of grocery products, including ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, snack bars, fruit snacks, savory snacks, and organic products.
- International - Provides products such as super-premium ice cream, frozen desserts, meal kits, salty snacks, snack bars, dessert and baking mixes, shelf-stable vegetables, and pet food products.
- Pet - Focuses on pet food products sold primarily in the United States and Canada, including dog and cat food made with high-quality natural ingredients.
- North America Foodservice - Includes ready-to-eat cereals, snacks, refrigerated yogurt, frozen meals, unbaked and fully baked frozen dough products, baking mixes, and bakery flour, sold to distributors and operators in various customer channels.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Jeffrey L. Harmening ExecutiveBoard | Chairman of the Board and CEO | Director at The Toro Company | Joined GIS in 1994. Held various leadership roles, including CEO since 2017 and Chairman since 2018. Extensive experience in marketing and international operations. | View Report → |
Kofi A. Bruce Executive | Chief Financial Officer (CFO) | None | Joined GIS in 2020 as CFO. Oversees financial strategy and operations. No additional details provided in the documents. | |
Mark A. Pallot Executive | Vice President, Chief Accounting Officer | None | Joined GIS in 2007. Held roles in financial reporting and accounting. Became Chief Accounting Officer in 2020. | |
Benno O. Dorer Board | Independent Director | Director at VF Corporation | Joined GIS in 2024. Former CEO of The Clorox Company. Brings leadership experience in consumer goods and governance. | |
Diane L. Neal Board | Independent Director | None | Joined GIS in 2018. Former CEO of Sur La Table and Bath & Body Works. Brings expertise in retail, marketing, and governance. | |
Elizabeth C. Lempres Board | Independent Director | Director at Traeger, Inc. | Joined GIS in 2019. Former Senior Partner at McKinsey & Company. Brings expertise in strategy, governance, and global operations. | |
Eric D. Sprunk Board | Independent Director | Director at Bombardier Inc., Nordstrom, Inc., and Universal Music Group N.V. | Joined GIS in 2015. Former COO of NIKE, Inc. Brings expertise in global operations, marketing, and financial management. | |
Jo Ann Jenkins Board | Independent Director | Director at Avnet, Inc. | Joined GIS in 2020. CEO of AARP. Brings expertise in public policy, governance, and community relations. | |
John G. Morikis Board | Independent Director | Director at Fortune Brands Innovations | Joined GIS in 2024. Executive Chairman and former CEO of Sherwin-Williams. Brings expertise in leadership and global operations. | |
Jorge A. Uribe Board | Independent Director | Director at Ingredion Incorporated and Grupo Argos S.A. | Joined GIS in 2016. Former Global Productivity and Organization Transformation Officer at Procter & Gamble. Brings expertise in international management and organizational transformation. | |
Maria A. Sastre Board | Independent Director | Director at O’Reilly Automotive, Inc. | Joined GIS in 2018. Former President and COO of Signature Flight Support. Brings expertise in global management and governance. | |
Maria G. Henry Board | Independent Director | Director at Nike, Inc. and Nextera Energy, Inc. | Joined GIS in 2016. Former CFO of Kimberly-Clark. Brings expertise in finance, governance, and global operations. | |
Steve Odland Board | Independent Director | CEO of The Conference Board; Director at O’Reilly Automotive, Inc. | Joined GIS in 2004. Brings expertise in corporate strategy, governance, and retail operations. |
- With input cost inflation still forecasted at 3%-4% and price/mix pressures due to mix reductions, how do you plan to manage margins if you cannot pass on additional costs to consumers?
- Considering the stranded overhead from the yogurt divestiture that will take up to two years to eliminate, what specific measures are you implementing to address these costs, and how confident are you in achieving the projected timeline?
- You've mentioned a focus on bolt-on acquisitions in the $1 billion to $2 billion range; can you detail which strategic areas or categories you're targeting and how these acquisitions will deliver expected growth and synergies amid a competitive M&A landscape?
- Given the shift toward increased at-home food consumption coupled with continued value-seeking behavior, how are you adapting your product portfolio and marketing strategies to capitalize on this trend without compromising the perceived value of your premium brands?
- Despite improvements, customer service levels and supply chain reliability are only approaching pre-pandemic levels; what are the remaining bottlenecks, and what actions are you taking to achieve sustainable improvements across all segments of your business?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Whitebridge Pet Brands (NA Business) | 2024 | General Mills plans a $1.45 billion acquisition of Whitebridge Pet Brands’ North American premium cat feeding and pet treating business, including the Tiki Pets and Cloud Star brands. This move, funded with cash on hand, is strategically aimed at complementing its Blue Buffalo portfolio to expand its presence in the fast-growing U.S. pet food category (expected to close in Q3 fiscal 2025). |
Edgard & Cooper | 2024 | General Mills completed the acquisition of this premium European natural pet food brand in Q4 fiscal 2024, announced on April 30, 2024, to strengthen its position in the $30 billion European pet food market and complement its existing portfolio. |
TNT Crust | 2023 | General Mills acquired TNT Crust for $253 million in fiscal 2023, financing the acquisition via U.S. commercial paper. This move added a high-quality frozen pizza crust manufacturer to its North America Foodservice segment, with recorded significant goodwill (non-tax deductible) and minimal pro forma impact. |
Tyson Foods' Pet Treats Business | 2022 | General Mills acquired Tyson Foods' pet treats business for $1.2 billion in cash in 2022, using a mix of cash on hand and short-term debt. The transaction, integrated into the Pet segment, included $762.3 million in goodwill and $370 million in intangible assets (indefinite-lived and finite-lived), underscoring its strategic move into the premium pet treats category. |
Recent press releases and 8-K filings for GIS.
- General Mills, Inc. filed an 8-K on April 17, 2025, disclosing its plan to issue 750,000,000 3.600% Notes due 2032, which includes detailed pricing and redemption terms.
- The filing outlines an underwriting agreement with prominent banks—such as Deutsche Bank, Merrill Lynch, and Morgan Stanley—and establishes the framework for the debt issuance process, including make-whole call and change of control provisions.
- Reinvestment for Growth: General Mills announced it will reinvest its cost-saving measures—including HMM savings and an incremental $100 million in efficiencies—back into the business to strengthen pricing, marketing, and product innovation, setting the stage for improved competitiveness in Q4 and fiscal '26.
- Value and Pricing Focus: The company is sharpening its focus on value across key brands such as fruit snacks, cereal, Blue Buffalo, Pillsbury, and Totino’s, adjusting price points and marketing efforts to better meet consumer demand amid a challenging environment and low consumer confidence.
- Enhanced Product Innovation: New product initiatives, including protein-focused offerings like Cheerios Protein and Nature Valley Granola Protein, are central to the firm’s strategy to drive growth and capture a larger volume share in its core categories.
- Managing External Headwinds: General Mills addressed headwinds such as volatile retailer inventory levels—especially noted in the pet food segment—and broader macroeconomic pressures, emphasizing agile pricing and marketing tactics to sustain long-term category performance.
- Q3 2025 performance: General Mills reported net sales of $4,842MM, with organic net sales down 5%, adjusted operating profit of $801MM (down 13%), and adjusted diluted EPS at $1.00 (down 15%).
- Key drivers: The decline was driven by retailer inventory headwinds and a slowdown in snacking categories, although channels such as U.S. Pet, Foodservice, and International showed mixed results with some positive market share trends.
- Revised outlook: The company updated its fiscal guidance for F25 and provided a Q4 outlook incorporating expected headwinds including trade expense impacts and commercial investments, reflecting a moderated near-term operating environment.
- Q3 Financial Performance: Reported net sales of $4.8 billion (down 5%) with organic net sales also down 5% due to unexpected retailer inventory headwinds and the reversal of favorable timing effects.
- Operational Highlights: Adjusted operating profit declined by 13% in constant currency amid input cost inflation and supply chain challenges, while targeted initiatives improved performance in areas such as Pillsbury refrigerated dough and Totino's hot snacks.
- Revised Fiscal Guidance: The company updated its fiscal 2025 outlook, expecting organic net sales to be down 2% to 1.5% and adjusted operating profit/EPS to decline 7%-8%, along with an increased share repurchase target of a 4% share reduction to support long-term growth.
- Q3 net sales reached $4.8 billion, down 5% compared to the prior period, with operating profit at $891 million (down 2%) and diluted EPS of $1.12 (down 4%).
- The company updated its full-year fiscal 2025 outlook, now expecting organic net sales to decline by 1.5-2%, with adjusted operating profit and adjusted diluted EPS projected to fall by 7-8% in constant currency.
- Management emphasized continued investments in innovation and cost efficiency initiatives, including industry-leading Holistic Margin Management to drive at least 5% COGS savings in fiscal 2026, indicating a strategic focus on future growth.