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Jeffrey L. Harmening

Chairman of the Board and CEO at GENERAL MILLS
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

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.