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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 developments and announcements about GIS.
8-K Filings
8-K Filing
·Mar 5, 2025, 10:46 PMFinancial ExhibitsLeadership ChangesView full 8-K filing →General Mills announces longtime leader Jon Nudi will retire on June 30, 2025. Liz Mascolo, bringing 22 years of experience, is named Segment President, North America Pet effective March 16, 2025 to lead the unit into its next phase.