General Mills Restructures Business Segments and Appoints New CEO

General Mills will restructure its business from four operating segments into three divisions on January 1, coinciding with the appointment of Dana McNabb as the new CEO. The company will reorganize into divisions for cereal, snacks and international; meals and baking solutions; and pet. This replaces the previous structure of North America retail, North America pet, North America foodservice, and international.

McNabb stated the new model "better aligns our leadership and resources with our highest priorities" and noted that "winning consumer choice today means responding faster to changing needs." The restructuring follows a 3% decline in quarterly sales to $4.4 billion for the period ending August 30, which the company attributed to a yogurt divestiture and a consumer shift toward healthier products.

As part of the reorganization, the company announced several executive appointments. Ricardo Fernandez will serve as president of cereal, snacks and international, while Brett White becomes president of meals and baking solutions. Josh Yates has been named chief commercial officer to lead U.S. retail sales and enterprise commercial capabilities. Liz Mascolo will continue to lead the pet division.