Updated version 3-General Mills appoints insider McNabb as CEO, succeeding veteran executive Hamenen.

Background information and details have been added to paragraph 2, along with charts.

Reuters, September 30 - General Mills (GIS.N) announced on Wednesday that Chief Operating Officer Dana McNabb will replace longtime CEO Jeff Harmening next year, appointing this seasoned company executive to lead the “Cheerios” maker as it tries to steady its footing amid a tough consumer environment.

As boards lose patience with weak growth and companies face challenges ranging from uncertainty over US tariffs and rising supply chain costs due to conflict in the Middle East to how to attract younger consumers, consumer goods companies are changing CEOs more frequently (link).

McNabb, 50, will take over at General Mills as the company confronts fierce competition from lower-priced private labels and cost pressures—including higher packaging material costs linked to tariffs—while also seeking to raise prices to protect profit margins.

Under Harmening’s leadership—he joined General Mills in 1994 and has served as CEO for nearly a decade—the company entered the faster-growing pet food market through the acquisition of Blue Buffalo, reshaped its product portfolio, and ramped up investment in digital capabilities. When McNabb takes the helm on January 1, Harmening will become executive chairman.

McNabb has worked at General Mills for 27 years, holding senior leadership roles in general management, corporate strategy, marketing, and international operations.

She will become General Mills’ first female CEO and one of the few women at the helm of a major US consumer goods company.

Earlier this month, thanks to price increases and resilient demand for packaged foods, the company reported results that exceeded (link) expectations for first-quarter sales and profits, and it reaffirmed its full-year outlook, moves that helped offset the impact of rising input costs.

The company’s share price is down about 27% so far this year, but edged higher to $34.05 in premarket trading.

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