Jeffrey L. Harmening
Chairman of the Board and CEO at GGeneral 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.
$GIS Performance Under Jeffrey L. Harmening
Past Roles
| Organization | Role | Date Range | Details |
|---|---|---|---|
| General Mills | President and Chief Operating Officer | 2016 - 2017 | Ended due to promotion to CEO |
| General Mills | Executive Vice President, Chief Operating Officer, U.S. Retail | 2014 - 2016 | Role transitioned as company restructured |
| General Mills (CPW) | Senior Vice President, Chief Executive Officer, Cereal Partners Worldwide | 2012 - 2014 | Position in joint venture with Nestlé |
| General Mills | Senior Vice President for the Big G cereal division | 2011 - 2012 | Promoted from VP role |
| General Mills | Vice President of the Big G cereal division | 2007 - 2011 | Role evolved within division |
| General Mills (CPW) | Vice President of Marketing for Cereal Partners Worldwide | 2003 - 2007 | Focus on global cereal brand marketing |
| General Mills | Various Marketing Roles (Betty Crocker, Yoplait, Big G cereal divisions) | 1994 - 2003 | Early career roles at multiple divisions |
External Roles
| Organization | Role | Date Range | Details |
|---|---|---|---|
| The Toro Company | Director | Present | N/A |
| NextEra Energy, Inc. | Director | Present | N/A |
Fixed Compensation
Data from FY 2024
| Component Name | Amount ($) | Payment Schedule | Additional Details |
|---|---|---|---|
| Base Salary | 1,350,000 | Annual | 8% increase over fiscal 2023 to align with industry median. |
| Contributions to Retirement Plans | 148,675 | Annual | Includes 401(k) matching of 10,350 and Supplemental Savings Plan contributions of 138,325. |
| Perquisites & Other Benefits | 15,489 | Annual | Comprises 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 Value | Details |
|---|---|---|
| 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 ($) | 4,800,000 | Maximum cap on incentive payout. |
| Performance Weight (Company vs Individual) | 80% / 20% | Metrics evaluated over fiscal 2024. |
| Evaluation Period | Fiscal 2024 | Full fiscal year performance evaluation. |
Long-Term Incentive (LTI)
| Metric [Unit] | 2024 Value | Details |
|---|---|---|
| PSU Target Value ($) | 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 Metrics | N/A | Focus on Organic Net Sales Growth, Cumulative Operating Cash Flow and a +/-25% relative TSR modifier. |
| Vesting Schedule | 3-year cliff | PSUs vest at the end of a three-year performance period (fiscal 2024–2026). |
| Grant Date | June 30, 2023 | The grant date for long-term awards with a fair value for PSUs at the target level. |
| RSU Details | 25% of LTI | Grant Date Stock Price of $76.70 used for RSU awards. |
| Stock Options | 162,973 options | Options granted with an exercise price of $76.70 per share. |
| LTI Composition | 50% PSUs, 25% RSUs, 25% Options | Overall structure of the long-term incentive plan. |