Kofi Bruce
GENERAL MILLSAbout Kofi Bruce
Kofi A. Bruce, age 55, is Chief Financial Officer of General Mills, a role he has held since February 2020 after joining the company in 2009; prior roles included Vice President Treasurer, Finance leadership for Yoplait and Convenience Stores & Foodservice, Controller, and Financial Operations . Under the company’s pay-for-performance framework, executive incentives are driven by organic net sales growth, adjusted operating profit growth, cumulative operating cash flow, and a relative TSR modifier for PSUs . Fiscal 2025 results featured net sales of $19.5B, organic net sales -2%, adjusted operating profit ~$3.35B (-7% constant currency), diluted EPS $4.10 (adjusted $4.21, -7% constant currency), and 97% free cash flow conversion ($2.3B), with HMM cost savings at ~5% of COGS .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| General Mills | CFO | Feb 2020–present | Corporate finance leadership; oversight of performance-linked incentive architecture |
| General Mills | VP, Financial Operations | Sep 2019–Feb 2020 | Enterprise financial operations leadership |
| General Mills | VP, Controller | 2017–2019 | Corporate controllership and reporting |
| General Mills | VP, Finance – Convenience Stores & Foodservice | 2014–2017 | Segment finance leadership |
| General Mills | VP, Treasurer | 2009–2010; 2012–2014 | Capital markets, liquidity, risk management |
| General Mills | VP, Finance – Yoplait | 2010–2012 | Brand/segment finance leadership |
| Ecolab; Ford Motor Company | Senior management roles (prior to GIS) | Pre-2009 | Corporate finance and operations experience |
External Roles
No public company board roles are disclosed for Mr. Bruce in the company’s executive officers section of the 2025 Form 10-K .
Fixed Compensation
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Base Salary ($) | 775,000 | 775,000 | 865,227 |
| Target Annual Incentive ($) | — | — | 1,038,273 (plan target) |
| Actual Annual Incentive Paid ($) | 1,247,750 | 396,800 | 411,156 |
| All Other Compensation ($) | 136,742 | 82,547 | 57,911 |
| Perquisites ($) | — | — | 20,050 (car $11,500; financial counseling $8,000; other $550) |
| Retirement Savings Contributions ($) | — | — | 37,861 (401k $11,163; Supplemental Savings $26,698) |
| Change in Pension Value ($) | 564,458 | 800,182 | 428,604 |
| Total Compensation ($) | 5,014,160 | 4,617,517 | 4,728,795 |
Performance Compensation
Annual Incentive – FY 2025 Scorecard
| Metric (Weighting) | Target | Actual | Award Achievement % | Vesting/Payment |
|---|---|---|---|---|
| Organic Net Sales Growth (50%) | 2.0% | -1.8% | 24% | Cash, paid post-year |
| Adjusted Operating Profit Growth (50%) | 1.0% | -7.9% | 29% | Cash, paid post-year |
| Business Achievement % | — | — | 27% | Cash, paid post-year |
| Individual Achievement (20% of award) | — | — | CEO example 75%; NEOs 37%–45% of target overall awards |
Long-Term Incentives – Structure and FY 2025 Grants (Bruce)
- Structure: 50% PSUs (3-year performance; ±25% relative TSR modifier; additional 1-year holding), 25% RSUs (4-year graded vest), 25% stock options (4-year graded vest; 10 years + 1 month expiration) .
- FY 2025 Grants (Grant date 6/28/2024; strike/exercise price for options $63.26):
- PSUs: Target 23,712; threshold 0; max 47,424; grant date fair value $1,433,390 .
- RSUs: 11,856; grant date fair value $750,011 .
- Options: 59,280; grant date fair value $782,496 ; exercise price $63.26; 4-year graded vest .
PSU Performance – FY 2023–FY 2025 Cycle (Companywide metrics)
| PSU Measure (50%/50%) | Target | Actual | Award Achievement % | TSR Modifier | Payout |
|---|---|---|---|---|---|
| Organic Net Sales Growth (CAGR) | 3.1% | 2.6% | 86% | — | — |
| Cumulative Operating Cash Flow ($mm) | 9,480 | 9,244 | 92% | 100% (36th percentile) | 89% of target |
Equity Ownership & Alignment
Beneficial Ownership and Options
| Item | Value |
|---|---|
| Common shares owned (beneficial) | 92,786 |
| Exercisable options | 188,655 |
| Ownership as % of outstanding shares | ~0.017% (92,786 / 534,685,865) |
| Stock ownership guideline | 5x base salary (senior leadership) |
| Compliance status | 7x actual multiple; shares owned 128,494 (policy table) |
Outstanding Equity Awards at FY 2025 Year-End (Bruce)
| Grant | Type | Unvested/Unearned Units (#) | Market Value ($) |
|---|---|---|---|
| 6/29/2021 | RSUs | 9,579 | $511,327 |
| 6/28/2022 | RSUs | 8,184 | $436,862 |
| 6/28/2022 | RSUs | 14,567 | $777,586 |
| 6/30/2023 | PSUs (target) | 16,624 | $887,389 |
| 6/30/2023 | RSUs | 6,234 | $332,771 |
| 6/28/2024 | PSUs (target) | 23,712 | $1,265,747 |
| 6/28/2024 | RSUs | 11,856 | $632,873 |
| 2015–2024 grants | Options (various strikes/dates; mix of exercisable/unexercisable) | See option detail | — |
Policies reinforcing alignment:
- Robust clawbacks covering restatements and misconduct; no dividend equivalents paid on unvested equity awards .
- Prohibitions on hedging or pledging company stock by executive officers and directors .
- Equity grant timing calibrated post-10-K filing; options granted at or above market price .
Employment Terms
- No individual employment contracts for NEOs; covered by Separation Pay and Benefits Program (Severance Plan) .
- Severance (involuntary, not for cause): 18–24 months continuation of base salary and target bonus; continued medical/dental for 18–24 months; pro-rated bonus based on actual results; outplacement .
- Change-in-control: Double-trigger vesting; lump-sum 18–24 months salary + target bonus; no excise tax gross-ups (net-best cut provision) .
- Equity vesting on termination: Pro-rata or full vest depending on tenure and timing; PSUs pay based on actual performance; options exercisable per plan; death fully vests .
- Restrictive covenants: Confidentiality, non-disparagement, non-compete, non-solicit required for severance benefits .
Potential Payments (as of 5/25/2025)
| Scenario | Amount ($) |
|---|---|
| Involuntary Not for Cause Termination | 3,007,415 |
| Death | 5,289,991 |
| Change in Control (under Severance Plan) | 8,289,406 |
Investment Implications
- Pay-for-performance alignment: Below-target FY25 outcomes led to reduced cash bonuses and PSU payout at 89% for the 2023–2025 cycle, indicating linkage to net sales and cash flow execution; RSUs and options maintain multi-year vesting, supporting retention .
- Ownership and incentives: Bruce exceeds stock ownership guidelines (7x vs 5x), with meaningful unvested RSUs/PSUs and exercisable options, signaling skin-in-the-game and multi-year exposure to TSR, sales, and cash flow .
- Selling pressure and vesting: Four-year graded vesting on RSUs/options and three-year PSUs with a one-year post-vest holding (for PSUs) moderate near-term selling; insider policies prohibit hedging/pledging, reducing misalignment risk .
- Downside protections and transitions: Severance and CIC economics (18–24 months salary+bonus, double-trigger vesting, net-best tax provision) are standard and mitigate abrupt transition risk without shareholder-unfriendly gross-ups .
- Governance support: Prior say-on-pay approval ~93% (2024) and use of an independent compensation consultant (FW Cook) suggest investor acceptance of the program design and peer benchmarking rigor .