General Mills Chairman Ken Powell To Retire, CEO To Serve Also As Chairman

(RTTNews) - Packaged food company General Mills (GIS) said that Ken Powell will retire as Chairman of the Board effective the end of the year. The company's board of directors has elected Chief Executive Officer Jeffrey Harmening to serve as Chairman of the Board upon Powell's retirement effective January 1, 2018. Harmening will continue to serve as the company's CEO.

"Today's announcement concludes a long and thoughtful process of leadership transition by the board of directors. We are very supportive of Jeff's leadership efforts on behalf of the company since his appointment as CEO," Kerry Clark, Independent Lead Director of the General Mills Board said.

Harmening became CEO in June 1, 2017, when Powell stepped down from the role. At the time, it was expected that Powell would serve as the company's Chairman for a transition period until his retirement.

General Mills recently restructured to move to one global leadership team with four business segments reporting directly to the CEO, and has made significant moves to globalize functions.