General Mills Management

Management criteria checks 2/4

General Mills' CEO is Jeff Harmening, appointed in Jun 2017, has a tenure of 6.83 years. total yearly compensation is $16.39M, comprised of 7.6% salary and 92.4% bonuses, including company stock and options. directly owns 0.1% of the company’s shares, worth €37.59M. The average tenure of the management team and the board of directors is 4.7 years and 6.3 years respectively.

Key information

Jeff Harmening

Chief executive officer

US$16.4m

Total compensation

CEO salary percentage	7.6%
CEO tenure	6.8yrs
CEO ownership	0.1%
Management average tenure	4.7yrs
Board average tenure	6.3yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Jeff Harmening's remuneration changed compared to General Mills's earnings?
Date	Total Compensation	Salary	Company Earnings
Feb 25 2024	n/a	n/a	US$3b
Nov 26 2023	n/a	n/a	US$2b
Aug 27 2023	n/a	n/a	US$2b
May 28 2023	US$16m	US$1m	US$3b
Feb 26 2023	n/a	n/a	US$3b
Nov 27 2022	n/a	n/a	US$3b
Aug 28 2022	n/a	n/a	US$3b
May 29 2022	US$12m	US$1m	US$3b
Feb 27 2022	n/a	n/a	US$2b
Nov 28 2021	n/a	n/a	US$2b
Aug 29 2021	n/a	n/a	US$2b
May 30 2021	n/a	n/a	US$2b
Feb 28 2021	n/a	n/a	US$3b
Nov 29 2020	n/a	n/a	US$2b
Aug 30 2020	n/a	n/a	US$2b
May 31 2020	US$16m	US$1m	US$2b
Feb 23 2020	n/a	n/a	US$2b
Nov 24 2019	n/a	n/a	US$2b
Aug 25 2019	n/a	n/a	US$2b
May 26 2019	US$10m	US$1m	US$2b
Feb 24 2019	n/a	n/a	US$2b
Nov 25 2018	n/a	n/a	US$2b
Aug 26 2018	n/a	n/a	US$2b
May 27 2018	US$8m	US$1m	US$2b
Feb 25 2018	n/a	n/a	US$2b
Nov 26 2017	n/a	n/a	US$2b
Aug 27 2017	n/a	n/a	US$2b
May 28 2017	US$5m	US$775k	US$2b

Compensation vs Market: Jeff's total compensation ($USD16.39M) is above average for companies of similar size in the German market ($USD5.57M).

Compensation vs Earnings: Jeff's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.

CEO

Jeff Harmening (56 yo)

6.8yrs

Tenure

US$16,385,646

Compensation

Mr. Jeffrey L. Harmening, also known as Jeff, has been the Chief Executive Officer at General Mills, Inc. since June 1, 2017. Mr. Harmening served as the President of General Mills, Inc. since July 1, 2016...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Jeffrey Harmening	Chairman & CEO	6.8yrs	US$16.39m	0.10% $ 37.6m
Kofi Bruce	CFO and Interim Chief Strategy & Growth Officer	4.2yrs	US$5.01m	0.0077% $ 2.9m
Karen Thissen	General Counsel & Corporate Secretary	1.8yrs	US$3.46m	0.000070% $ 26.4k
Jonathon Nudi	Group President of Pet & International and North America Foodservice (NAF)	7.3yrs	US$6.45m	0.019% $ 7.1m
Jaime Montemayor	Chief Digital & Technology Officer	4.2yrs	US$3.51m	0.0053% $ 2.0m
Mark Pallot	VP & Chief Accounting Officer	4.2yrs	no data	0.0029% $ 1.1m
Lanette Werner	Chief Innovation	less than a year	no data	0.0031% $ 1.2m
Jeff Siemon	Vice President of Investor Relations	no data	no data	no data
Jano Cabrera	Chief Communications Officer	4.7yrs	no data	no data
Jacqueline Williams-Roll	Chief Human Resources Officer	9.6yrs	no data	0.013% $ 4.9m
Bethany Quam	President of U.S. Morning Foods	7.4yrs	no data	0.0099% $ 3.7m
Ricardo Fernandez	President of International Segment	7.6yrs	no data	0.0096% $ 3.6m

4.7yrs

Average Tenure

52.5yo

Average Age

Experienced Management: GRM's management team is considered experienced (4.7 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Jeffrey Harmening	Chairman & CEO	6.8yrs	US$16.39m	0.10% $ 37.6m
Maria Sastre	Independent Director	5.8yrs	US$290.03k	0.0032% $ 1.2m
Stephen Odland	Lead Independent Director	19.5yrs	US$300.03k	0.031% $ 11.5m
Eric Sprunk	Independent Director	8.3yrs	US$295.03k	0% $ 0
Diane Neal	Independent Director	5.4yrs	US$270.03k	0% $ 0
Maria Henry	Independent Director	7.8yrs	US$295.03k	0.0067% $ 2.5m
Elizabeth Lempres	Independent Director	4.8yrs	US$293.78k	0.0027% $ 1.0m
C. Goodwin	Independent Director	1.8yrs	US$450.05k	0.0014% $ 512.5k
Jorge Alberto Uribe Lopez	Independent Director	7.8yrs	US$270.03k	0.0050% $ 1.9m
Benno Dorer	Director	less than a year	no data	0.000010% $ 3.8k
Ronal Clark	Independent Director	14.9yrs	US$295.03k	0.011% $ 4.1m
Jo Jenkins	Independent Director	4.3yrs	US$270.03k	0.0021% $ 791.4k

6.3yrs

Average Tenure

64yo

Average Age

Experienced Board: GRM's board of directors are considered experienced (6.3 years average tenure).

General Mills Management

Management criteria checks 2/4

Key information

Recent management updates

General Mills Announces Retirement of Shawn O’Grady, Group President

General Mills Announces Changes to Senior Leadership Team

General Mills, Inc., Annual General Meeting, Sep 26, 2023

General Mills, Inc., Annual General Meeting, Sep 26, 2023

Chief Innovation recently sold €251k worth of stock

David M. Cordani Announces Not Stand for Reelection to the Board of General Mills, Inc

Recent updates

General Mills, Inc. Announces Wheaties Debut Highest Protein Offering in Cereal Category, Wheaties Protein

Upcoming dividend of US$0.59 per share

New minor risk - Insider selling

Third quarter 2024 earnings released: EPS: US$1.18 (vs US$0.93 in 3Q 2023)

General Mills, Inc. to Report Q3, 2024 Results on Mar 20, 2024

General Mills, Inc. Reaffirms Sales Guidance for the Fiscal Year 2024

General Mills Announces Retirement of Shawn O’Grady, Group President

Dividend of US$0.59 announced

General Mills, Inc. Declares A Quarterly Dividend, Payable May 1, 2024

Upcoming dividend of US$0.59 per share at 3.6% yield

Second quarter 2024 earnings released: EPS: US$1.03 (vs US$1.02 in 2Q 2023)

General Mills, Inc. Revises Earnings Guidance for the Fiscal Year 2024

General Mills Announces Changes to Senior Leadership Team

General Mills, Inc. to Report Q2, 2024 Results on Dec 20, 2023

General Mills Declares Quarterly Dividend, Payable on February 1, 2024

General Mills, Inc. (NYSE:GIS) acquired Fera Pets, Inc.

General Mills Declares Quarterly Dividend, Payable on November 1, 2023

First quarter 2024 earnings released: EPS: US$1.15 (vs US$1.37 in 1Q 2023)

General Mills, Inc. Reaffirms Revenue Guidance for the Full Fiscal Year 2024

General Mills, Inc. to Report Q1, 2024 Results on Sep 20, 2023

General Mills, Inc., Annual General Meeting, Sep 26, 2023

General Mills, Inc., Annual General Meeting, Sep 26, 2023

Full year 2023 earnings released: EPS: US$4.36 (vs US$4.46 in FY 2022)

General Mills Announces Häagen-Dazs Brings Luxury to Yogurt Aisle with Debut of Cultured Crème

General Mills, Inc. to Report Q4, 2023 Results on Jun 28, 2023

Chief Innovation recently sold €251k worth of stock

David M. Cordani Announces Not Stand for Reelection to the Board of General Mills, Inc

Ggeneral Mills, Inc. Announces Executive Changes

Insider recently sold €696k worth of stock

Upcoming dividend of US$0.54 per share at 2.5% yield

Third quarter 2023 earnings released

Insufficient new directors

General Mills, Inc. Declares Quarterly Dividend, Payable on May 1, 2023

Upcoming dividend of US$0.54 per share

General Mills, Inc. Raises Earnings Guidance for the Fiscal Year 2023

Second quarter 2023 earnings released: EPS: US$1.01 (vs US$0.98 in 2Q 2022)

General Mills, Inc. to Report Q2, 2023 Results on Dec 20, 2022

Independent Director recently sold €1.9m worth of stock

General Mills Board of Directors Declares Quarterly Dividend, Payable February 1, 2023

Group President of North America Retail recently sold €2.0m worth of stock

The General Mills Board of Directors Declares Quarterly Dividend, Payable November 1, 2022

Insider recently sold €1.3m worth of stock

First quarter 2023 earnings released

General Mills, Inc. Provides Earnings Guidance for Year 2023

General Mills, Inc. to Report Q1, 2023 Results on Sep 21, 2022

Insider recently sold €1.2m worth of stock

General Mills, Inc., Annual General Meeting, Sep 27, 2022

Insider recently sold €406k worth of stock

Eagle Family Foods Group LLC acquired Helper Main Meals and Suddenly Salad Side Dishes Businesses from General Mills, Inc. (NYSE:GIS) for a transaction value of approximately $610 million.

Full year 2022 earnings released

General Mills, Inc. Provides Earnings Guidance for the Full Fiscal Year 2023

General Mills Elects C. Kim Goodwin to Board of Directors

General Mills, Inc. (NYSE:GIS) acquired TNT Crust, Inc. from Peak Rock Capital LLC.

General Mills, Inc. to Report Q4, 2022 Results on Jun 29, 2022

Eagle Family Foods Group LLC entered into a definitive agreement to acquire Helper Main Meals and Suddenly Salad Side Dishes Businesses from General Mills, Inc. (NYSE:GIS) for a transaction value of approximately $610 million.

General Mills Appoints Karen Wilson Thissen as General Counsel and Corporate Secretary, Effective June 6

General Mills, Inc. (NYSE:GIS) entered into an agreement to acquire TNT Crust, Inc. from Peak Rock Capital LLC.

General Mills, Inc. (NYSE:GIS) entered into an agreement to acquire TNT Crust, Inc. from Peak Rock Capital LLC.

Upcoming dividend of US$0.51 per share

General Mills, Inc. to Report Q3, 2022 Results on Mar 23, 2022

General Mills, Inc. Reaffirms Earnings Guidance for the Year 2022

General Mills Announces Retirement of Richard Allendorf, General Counsel and Secretary,Effective August 2022

Insider recently sold €548k worth of stock

Insider recently sold €294k worth of stock

Upcoming dividend of US$0.51 per share

Second quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat

General Mills, Inc. Provides Earnings Guidance for the Year 2022

Cérélia SA agreed to acquire Branded and private label dough business in Germany including the Knack & Back and Jus-Rol brands from General Mills, Inc. (NYSE:GIS).

Insider recently sold €264k worth of stock