General Mills taps Dana McNabb to be next CEO

Minnesota-based General Mills has picked a new CEO, Dana McNabb, who has worked at the company for 27 years.

McNabb will succeed Jeff Harmening, who will take on a new role as executive chair of the board of directors. Both of their positions will become effective on Jan. 1.

"It is an honor and a privilege to lead General Mills into the future," said McNabb. "Returning the company to profitable growth is the priority, and we know how we'll get there. By building industry-leading, digitally enabled demand generation, and modernizing our supply chain, we will fundamentally improve how we operate. This is a company with the brands and the people to win — my job is to make sure we do."

McNabb is currently the company's Chief Operating Officer. 

Harmening said he is "confident that Dana has the vision, urgency and intellect needed to advance our next chapter."

In a financial report released in July, General Mills said it plans to cut costs by $3 billion over the next four years.