General Mills announced that Chief Operating Officer Dana McNabb will succeed Jeff Harmening as CEO effective Jan. 1. Harmening will transition to the role of executive chairman of the board of directors.
General Mills holds strong brands in pet food, which should benefit from growing pet ownership and humanization trends. The Blue Buffalo brand is particularly well positioned in the more attractive premium segment and should do well in the fresh pet category.
Bears
General Mills is particularly vulnerable to changing consumer preferences and health trends, given its reliance on cereal, snacks, and convenient foods (52% of fiscal 2025 sales). Losing market share could exacerbate the hit to its financial performance.
General Mills is a global packaged-food company that produces snacks, cereal, convenient meals, dough, baking mixes and ingredients, pet food, and superpremium ice cream. Its largest brands are Nature Valley, Cheerios, Old El Paso, Pillsbury, Betty Crocker, Blue Buffalo, and Haagen-Dazs. In fiscal 2026, 80% of its revenue was derived from the United States, although the company also operates in Canada, Europe, Australia, Asia, and Latin America. Although most of General Mills' products are sold through retail stores to consumers, the company also sells products to the foodservice channel and the commercial baking industry.