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    Jeffrey L. Harmening

    Chairman of the Board and CEO at General Mills Inc
    Board
    Since June 2017
    Age
    57 years
    Tenure
    Joined in 1994 and progressed through multiple roles, including marketing positions, Vice President of Marketing for Cereal Partners Worldwide, Senior Vice President roles in the cereal division, Executive Vice President, Chief Operating Officer, President, and ultimately CEO in 2017 with a subsequent appointment as Chairman in 2018.

    Also at General Mills Inc

    KAB
    Kofi A. Bruce
    Chief Financial Officer (CFO)
    MAP
    Mark A. Pallot
    Vice President, Chief Accounting Officer

    About

    A seasoned executive with over 25 years at GIS, he has played an integral role in transforming the company’s approach to marketing and global strategy, contributing to a broad range of business segments.

    Throughout his extensive tenure, he has been key in driving growth and innovation by moving through roles that spanned from marketing to international operations, establishing strong leadership in initiatives such as Cereal Partners Worldwide and later in senior operational positions.

    Beyond his work within GIS, he further demonstrates his prowess in corporate leadership through roles on other boards, underscoring a commitment to strategic oversight and industry advancement.

    $GIS Performance Under Jeffrey L. Harmening

    Past Roles

    OrganizationRoleDate RangeDetails
    General Mills President and Chief Operating Officer 2016 - 2017 Ended due to promotion to CEO
    General Mills Executive Vice President, Chief Operating Officer, U.S. Retail 2014 - 2016 Role transitioned as company restructured
    General Mills (CPW) Senior Vice President, Chief Executive Officer, Cereal Partners Worldwide 2012 - 2014 Position in joint venture with Nestlé
    General Mills Senior Vice President for the Big G cereal division 2011 - 2012 Promoted from VP role
    General Mills Vice President of the Big G cereal division 2007 - 2011 Role evolved within division
    General Mills (CPW) Vice President of Marketing for Cereal Partners Worldwide 2003 - 2007 Focus on global cereal brand marketing
    General Mills Various Marketing Roles (Betty Crocker, Yoplait, Big G cereal divisions) 1994 - 2003 Early career roles at multiple divisions

    External Roles

    OrganizationRoleDate RangeDetails
    The Toro Company Director Present N/A
    NextEra Energy, Inc. Director Present N/A

    Fixed Compensation

    Data from  FY 2024
    Component NameAmount ($)Payment ScheduleAdditional Details
    Base Salary1,350,000 Annual8% increase over fiscal 2023 to align with industry median.
    Contributions to Retirement Plans148,675 AnnualIncludes 401(k) matching of 10,350 and Supplemental Savings Plan contributions of 138,325.
    Perquisites & Other Benefits15,489 AnnualComprises Financial Counseling of 15,000 and Corporate Gifts of 489 ; no executive car benefit.

    Performance Compensation

    Data from  FY 2024

    Annual Incentive

    Metric [Unit]2024 ValueDetails
    Target Payout ($)2,400,000 Equal to 180% of base salary with payout split 80% on company performance (44% achieved) and 20% on individual performance (75% rating).
    Threshold Payout ($)0 Minimum payout level; if performance metrics are not met, no payout is awarded.
    Maximum Payout ($)4,800,000 Maximum cap on incentive payout.
    Performance Weight (Company vs Individual)80% / 20% Metrics evaluated over fiscal 2024.
    Evaluation PeriodFiscal 2024 Full fiscal year performance evaluation.

    Long-Term Incentive (LTI)

    Metric [Unit]2024 ValueDetails
    PSU Target Value ($)4,703,459 At target level; threshold is 0 and maximum is 9,406,917.
    PSU Target Shares (Units)65,190 Target number of Performance Share Units, with a maximum of 130,380 units.
    Performance MetricsN/AFocus on Organic Net Sales Growth, Cumulative Operating Cash Flow and a +/-25% relative TSR modifier.
    Vesting Schedule3-year cliff PSUs vest at the end of a three-year performance period (fiscal 2024–2026).
    Grant DateJune 30, 2023 The grant date for long-term awards with a fair value for PSUs at the target level.
    RSU Details25% of LTI Grant Date Stock Price of $76.70 used for RSU awards.
    Stock Options162,973 options Options granted with an exercise price of $76.70 per share.
    LTI Composition50% PSUs, 25% RSUs, 25% Options Overall structure of the long-term incentive plan.