Milling & Baking News Corporate Profiles - 2019 - 80

COMPANY OVERVIEW

was promoted to vice-president of financial operations effective Sept. 1,
2019, and will succeed Mr. Mulligan as c.f.o. in February 2020.
Billy Bishop, co-founder of Blue Buffalo and group president for the pet
segment, is stepping back from day-to-day management. He will move to the
role of founder and brand adviser for the pet segment in January 2020, where
he will continue providing input on brand strategy and product innovation.
Bethany Quam succeeded Mr. Bishop as group president for the pet
segment, effective Oct. 1, 2019. Ms. Quam has been group president for
the company's Europe and Australia segment since 2016.
Dana McNabb, president of U.S. cereal, will succeed Ms. Quam as
group president for the Europe and Australia segment, effective Jan.
1, 2020. Ms. McNabb has held a variety of marketing leadership roles
across multiple categories during her 20 years at General Mills. CP

General Mills, Inc. Pet
Fiscal 2019 ended in May
Net sales
in millions

been pretty clear over the last year for sure. We've seen, as our retailers
focus on reducing working capital, they have drawn down their inventories. And for us, in fiscal '19, it was about a point gap between Nielsen
and what we reported from a net sales standpoint. We expect that to
continue into the coming year. We hope it's not quite as big of a gap. But
clearly, our retailers are still focused on working capital as well."
The company also is expanding its natural and organic portfolio, which
includes the Annie's, Cascadian Farm and Epic Provisions brands. New
Annie's One-Pot Pasta contains organic pasta with hidden vegetables in
the sauce. Epic Rise & Grind Bars combine meat, egg yolks and fruit into
a high-protein, shelf-stable breakfast bar.
The "simply better" segment of the U.S. yogurt category continues to
be an attractive growth space that General Mills will address moving
forward, Mr. Harmening said.
"We drove 8% retail sales growth on our products in this segment behind
our better-tasting YQ product reformulation, which now prominently features
the protein benefit on the updated packaging," he said. "And we launched
into a growing beverage segment with our new Yoplait Smoothies. In total,
we like the news and innovation we're bringing to the U.S. yogurt category
this year to drive further improvement in our retail sales trends."
Several key management changes also could have an impact on General Mills in the year ahead. Donal L. Mulligan, who has been chief financial officer since 2007, will move to an advisory role effective Feb.
1, 2020, and will retire June 1, 2020. Kofi Bruce, formerly controller,

% change from year ago
$1,431
NA

Segment operating profit

$268
NA

General Mills, Inc. North America Retail
Fiscal 2019 ended in May

Net sales
-1.9%

Segment operating profit

Fiscal 2019 ended in May

% change from year ago
$9,925

$2,277

% change from year ago
$1,969

in millions

Net sales

General Mills, Inc. Convenience Stores
and Foodservice

+2%
Segment operating profit

$420

+2.7%

General Mills, Inc. Europe
and Australia
Fiscal 2019 ended in May

General Mills, Inc. Asia
and Latin America
% change from year ago

Net sales

$123

in millions

-4.9%
Segment operating profit

Fiscal 2019 ended in May

$1,887

in millions

Net sales

+7%

% change from year ago
$1,653
-3.3%

Segment operating profit

-13%

80 \ November 2019

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Corporate Profiles

Milling & Baking News Corporate Profiles - 2019

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