General Mills Names COO Dana McNabb as New CEO; Jeff Harmening to Become Executive Chair

Executive Succession Overview

On September 29, 2026, the Board of Directors of General Mills, Inc. appointed Dana M. McNabb, age 50, as Chief Executive Officer, effective January 1, 2027. She succeeds Jeffrey L. Harmening, who is stepping down after leading the company for nearly a decade. Mr. Harmening will remain with the company as Executive Chair of the Board to facilitate leadership continuity.

Executive Background & Strategic Context

Ms. McNabb has spent 27 years at General Mills, having joined in 1999. Her career includes:

• Current Role: Chief Operating Officer (since June 2026) overseeing all four operating segments (North America Retail, North America Pet, North America Foodservice, and International) and key enterprise functions.
• Prior Leadership Positions: Group President of North America Retail and North America Pet, Chief Strategy & Growth Officer, Group President of Europe & Australia, President of U.S. Cereal, and VP of Marketing for Cereal Partners Worldwide (CPW joint venture with Nestlé).
• Board Membership: McNabb has served on the General Mills Board of Directors since June 2026.

Compensation Adjustments

Effective January 1, 2027, the Board approved revised compensation packages reflecting the new roles:

Dana M. McNabb (CEO)

• Base Salary: $1,350,000
• Target Annual Cash Incentive: 180% of base salary ($2,430,000 at target)
• Long-Term Incentive (LTI): Incremental annual target award of $2,100,000 granted under the 2022 Stock Compensation Plan, structured as:
  • 50% Performance Share Units (PSUs)
  • 25% Restricted Stock Units (RSUs)
  • 25% Stock Options

Jeffrey L. Harmening (Executive Chair)

• Base Salary: Reduced to $1,100,000
• Target Annual Cash Incentive: Reduced to 125% of base salary ($1,375,000 at target)

Market & Governance Impact

This CEO transition represents an orderly, internal succession plan following a multi-year evaluation process led by Independent Lead Director Maria Henry. The leadership shift positions an experienced brand and operating strategist at the helm while retaining institutional knowledge via Harmening's role as Executive Chair.