General Mills is replacing CEO Jeff Harmening with COO Dana Mc Nabb, who will take over on January 1. Harmening, who has led the company since 2017, becomes executive chairman. Mc Nabb, with the company since 1999, will earn a $1.35 million base salary and a bonus target of 180% of base pay. The cereal giant is working to turn around its business after a tough spell, cutting prices across two-thirds of its North America products to appeal to budget-conscious consumers amid rising food costs and shifting spending habits. Harmening noted the goal is for products to be 'remarkable,' not just acceptable, though the company acknowledges many consumers remain stressed and more work is needed. The stock has fallen 44% over the past five years. The company is based in Minneapolis and owns popular brands including Cheerios and Pillsbury dough.

Jeff Harmening has been CEO since June 2017 and chairman since January 2018. He joined General Mills in 1994. Dana Mc Nabb will succeed him as CEO. The company aims to attract customers with new and improved products aligned with modern tastes. Writing to Jesse Newman at [email protected] and Colin Kellaher at [email protected].