Harmening Poised to Take the Helm at Narrow-Moat General Mills; Shares Fairly Valued
Narrow-moat General Mills announced on May 3 that it has tapped COO Jeff Harmening--a 23-year company veteran--to succeed CEO Ken Powell in June 2017. Powell, who joined the firm more than 35 years ago and served in the top spot for 10 years, will continue as chairman until his retirement (slated for next year) to ensure a smooth transition. From an internal perspective, Harmening struck us as the most likely successor, given his extensive tenure at the firm and his grasp of General Mills’ produ...General Mills manufactures and markets branded consumer foods. The company's segments are: North America Retail, which provides cereals, refrigerated yogurt, soup, meal kits, dessert and baking mixes, frozen pizza and pizza snacks, grain, fruit and savory snacks, and organic products, among others; Convenience Stores and Foodservice, which provides snacks, yogurt, frozen meals and frozen dough products, and baking mixes, among others; Europe and Australia, which includes retail and foodservice businesses in the Europe and Australia region; Asia and Latin America, which consists of retail and foodservice businesses in the Asia and South America regions; and Pets, which includes pet food products.
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