general mills

Fortune Staff

Just as it dominates our economy, Big Tech now dominates Fortune’s annual ranking of corporate reputation.

World's Most Admired Companies

This year’s Fortune 500 marks the 68th running of the list.

Fortune 500

Current All-Star Rank

Industry

legacy

Sector

Previous All-Star Rank

Industry Rank

Previous Industry Rank

Overall Score

Innovation

People Management

Use of Corporate Assets

Social Responsibility

Quality of Management

Financial Soundness

Long-Term Investment Value

Quality of Products/Services

Global Competitiveness

General Mills

Chris Morris

FDA investigating claims that Lucky Charms is making people sick

https://fortune.com/2022/04/18/fda-investigating-lucky-charms-sick-claims/

Katherine Dunn

Trump keeps his promise: The U.S. is now out of the Paris Agreement

https://fortune.com/2020/11/04/paris-agreement-2020-election-climate-results/

Phil Wahba

10 big business deals that are changing the pet industry

https://fortune.com/2020/05/19/pet-industry-acquisitions-funding-deals/

$13 box of health-conscious cereal could be key to General Mills’ growth

https://fortune.com/2020/02/18/general-mills-cereal-growth-morning-summit/

Jeff Harmening says General Mills had to raise prices for popular brands like Cheerios, but consumers are still buying because "food at home is a really good value".

General Mills CEOs says "consumers are feeling the pinch"

Leadership

Jeff Harmening says General Mills had to raise prices, but consumers are still buying because "food at home is a really good value".

Jeff. So good to see you again to talk about general mills and let's begin by talking about food prices, everybody is complaining about their grocery bills and the latest reports do confirm that prices are high up 13% over the past 12 months. So far, people are still buying your cheerios and Pillsbury baking goods, snacks and a lot more from General Mills. Tell us why consumers are still buying General Mills products and food products at home because they represent a great value. And even though the costs have gone up because inflation has gone up about 14 to 15% for us. Um This year consumers are shifting their habits two at home eating from away from home eating and the reason they're making that shift of food at home is that it really costs a lot less than eating out. And so when economic times get difficult as consumers are feeling the pinch right now and they really are feeling the pinch. What we saw during the great recession about a decade ago was that the same habit Of consumers shifting their spending from away from home and eating at home eating. It took place in the Great Recession as well, because food at home is a really good value, but you have raised prices right? We have increased prices because our costs have gone up by 14-15%. And so we've raised prices, we've raised prices less than our costs have gone up because we've had productivity gains and and we know that consumers are feeling pinched right now. And so the first thing we always try to do is become more efficient ourselves, but when we see record inflation, which we are right now in our cost, um the prices, the prices do go up, but it's still, even then it's still a great value for consumers to eat food at home and specifically general mills brands than it is eating out well as you're looking for value, you know, a lot of people are talking about this so called shrink inflation where the package is smaller of, let's say cheerios, but the price is the same. What do you say to that? You know, shrink inflation gets a lot of media headlines, but it's not something we spend a tremendous amount of time with for us, the you know, when people talk about string inflation at the end of the context, we're trying to trick consumers somehow and that's absolutely not the case, consumers are very smart and so when, when we want to make sure that we offer them real value. So for example, um you know when people are living paycheck to paycheck, sometimes they want a smaller box of cereal, if if they can only afford that. Other times they may have three teenagers at home, they need a big box for the price per hour. They may shop at different locations, they may shop with coupons. And so it's really incumbent upon us to add to add value in the best way we can and consumers define for themselves what makes value for their family and that's different from household to household. You recently told investors that you expect strong revenues and earnings going into 2023 and the chances are that inflation will contain to rise. So I'm guessing that you are going to continue raising crisis by, how much can you quantify? We did say that we're going to see inflation throughout this throughout our fiscal year was started in May, but we also told investors that most of the pricing that we would need to accomplish what we needed to this year was already in the marketplace or announced retailers. And so it's not necessarily true that prices will keep going up from here. It really depends on the landscape itself. But you know, as I mentioned, we've seen 14 to 15% in inflation and our prices have gone up, but even then, not as much as inflation has gone up well, you know, as you know, there are many forecasts that were either in a recession in the US or there's a risk of a recession over the next 12 months, you've been through many of the These down cycles in your, in your career. How do you see this one playing out right. I've been, I've been in the food business for more than 28 years now and you know, a couple of things I will tell you first is that whether we're in a technical recession or not. You know, consumers are feeling stretched and I think that's going to continue. One of the things I can also tell you is that no matter what one of the lessons of the last few years, if you don't know exactly what's around the corner. But for general mills we've been able to pivot quickly, whether it's a pandemic or George Floyd's murder or whether it's war in Ukraine, we've been able to pivot quickly and I'm confident as a company will continue to do that no matter what the economic cycle ahead of us, can you still grow general Mills even in a slowing economy? You know, we we can and we were we were even growing general mills before the pandemic yet. But one of the things I'm most proud of is over the last few years we've become a better company and none of it had to do with the pandemic or inflation or or covid what, what it really had to do with is we've we've made significant changes over the course of the last few years we've changed our portfolio, We've had a blue buffalo pet food. We we have divested things like you play in europe and dough in europe and hamburger helper here in the U. S. We have changed our organizational structure to become a lot more lean and we've invested in data and technology and and investments in consumer marketing, they're going to help us go forward. So we're we're highly confident that an environment, post covid post war, post recession General Mills will be a stronger company that was coming in is because we've made a lot of significant changes along the way. Well, Jeff you've come up with some very innovative and successful strategies in dealing with these things that you're talking about, soaring prices for ingredients. The scarcity of ingredients tell our view how you reformulated the recipes of one of your very popular snacks to Tina's Pizza Roll. It was a very successful change that you made. It has been successful and Latinos, Pizza Rolls, one of General Mills, $9 billion brands. And and we've kept it on store shelves because we feel like we owe that to consumers. But it hasn't been easy. In fact, there are a couple of ingredients we haven't been able to get for Latinos and as a result we reformulated pizza rolls and pizza about 25 times over the last year. Just in an effort to keep it on shelf. But also make sure we maintain the quality of those products that consumers are expecting. And I'm happy to say that even given all those changes, the business continues to grow. In fact, we're going to invest about $100 million in our manufacturing facility in Ohio to to expand the capacity of that business. But it's a great testimony to the, to the engagement and working skills people of general Mills and our consumers have benefited as a result. What are some of the lessons that you learned from that whole experience and all of the reinvention. One of the things we we've really learned is that the engagement of our employees is key because it takes a team of people coming together to make things like that happen, diversifying our supply change is becoming increasingly important and just the ability and willingness to pivot. We've been a great company for 100 and 55 years, but before the pandemic, probably no one considered us to be very fast. Now. We're both fast and I still think we're pretty good company after 100 and 55 years and we've learned the value have been able to change quickly. So what do you think has been behind the success of General Mills over all of these years? I think we've been successful because we've been willing to change, Not because we've resisted it and that's important for a company that has been around since 1866. We've changed our portfolio, added brands like blue buffalo and divested businesses like you play. We've changed our organizational structure become faster. We have invested in data and technology, but also consumer marketing to make our brands more and more relevant. And those things are important because we talked about all the changes that have happened pandemics and wars and social unrest and now, you know inflation, we've been successful through all that and we think we'll be successful after that, not because we resisted change, but on the opposite, we've actually leaned into change. And those are the kind of things that kind of spanned the arc of time and make a company successful no matter what the current situation they find themselves in.

CEO Jeff Harmening blames the hikes on higher prices for raw materials and freight costs.

Cheerios maker General Mills is raising prices to offset inflation costs

CEO Jeff Harmening blames the price hikes on higher costs

General Mills is raising prices to offset inflation costs

Jeff. So good to see you again and to get an update on what's going on at a general mills because you know, it's been so fascinating to see that during this covid pandemic, how much consumers eating habits have changed so much there as you know, they are cooking and baking from home and this has been a big boost to General Mills business. But now that uh, you know, uh, everybody's pretty much vaccinated and uh, you know, restaurants are opening and people are talking about going back to the office, what impact is this going to have on your business? Susan, you're right. We saw quite a bit of change over the last year, whether it's how our factory workers worked, our own employees worked, how people ate, how they got their food. We even saw people treating their pets differently and in many cases better than they did before. But you know, as we return to some sense of normalcy, which we're all looking forward to. Um, you know, people's eating habits won't go back to exactly the way they were before. And people, as you said, people have gained new cooking skills. They found they can save money by eating at home. And so while people are going back to restaurants, I would submit to you that that their eating habits and the way they get their food is has changed forever. Well, I know you collect a lot of data on your shoppers and you know what their habits are and things like that. What have you learned from reviewing data recently about what stays and what goes as covid 19 is winding down in terms of eating habits. One of the things that's pretty clear to us is that people are making more and they continue to make more. They've got new skills and baking our Betty Crocker and Pillsbury dot com websites. The traffic is up 50% from before. The pandemic and people have found a love for the kitchen and baking at home so we think that will stick. But also people are ordering more of their food online and we're fairly certain that's going to stay as well. What about prices? You know everyone's been really surprised to see how high and how fast food prices have shot up. And you told investors recently that general Mills plans to increase prices due to inflation cost. Have you begun that process? So what we've seen is a is a rapid rise in our input costs and inflation for things like commodities and for logistics and for many of the areas that we track all over the world, not just here in the U. S. And so when we see something like that, the first thing we do is we try to become more efficient at what we do and so we have a program productivity but inflation is so high right now the productivity alone won't won't offset that. And so we are we will start to see prices increase And we've already started to put that in place. Well you have over 100 food brands. I mean what categories have you targeted for? Price increases when we look all over the world it really goes category by category and geography by geography. And so we'll see increases pretty much across the board in terms of the categories where we sell food and and the amounts may change the way we do. It may be different because the categories are different but you know inflation is pretty holistically all over the world higher than it was a year than a year ago by how much do you expect to increase prices? Can you quantify it a little bit for us? You know what I will I will reflect back to 2019 where we saw about five inflation and we saw about two pricing increase and you know, we'll see what the inflation ends up being this year. And so I'm not going to quantify what we see now. But I will say that when you see inflation figures, you don't have to offset that completely with pricing. Because I said, our first line of defense is becoming more efficient generating productivity and so it'll be something less the inflation that we see. I think the big question for many people is how long are these price increases going to last? Are we talking months or maybe years? It's really hard to say. And you know, it really is determined by you know, how the planting season grows, how crops go, whether we can get workers back and logistics increase, uh, logistics capacity increases again. And so, you know, time will tell. We look, certainly for the next 12 months, we see an inflationary environment. Well, as you look ahead to this year, 2021, what impact do you think these higher prices will have on your business, on your sales and profits in terms of demand? I don't think the higher prices will have a big impact on demand one way or the other. I don't think the man will go up because the prices are increasing, but I don't think they'll go down because as I said, you know, all, all people who are producing food are going to see prices going up in terms of profitability. We'll see being, look, we're trying to offset high levels inflation and that's really our, that's really our goal. You've said that General Mills is going to be focusing on five product categories for growth, including a serial ice cream and mexican meals. What are you doing differently to get consumers interested in? Those? Are you, you know, changing the recipes are the ingredients, what are you doing differently? So, you know, we we grew our cereal business for the three years before the pandemic and that's accelerated during the pandemic. We've increased our marketing support for cereal and you know, some of our biggest brands, cheerios, we've we've made it heart healthy. We're talking about the heart health nature of cheerios, Cinnamon toast, crunch is the second largest brand in the cereal category. And that's growing again. And so we've increased the marketing on that and in areas like pet food, we've come up with new varieties of pet food, a new a new cat food and some new innovation and in Mexico mexican food, some innovation as well, especially in europe. And so, you know, it's not enough to ride the wave of the current at home environment. We need to keep innovating. We're doing that in a variety of ways. You mentioned pet food. That is a strong category for your company. And you recently announced that General Mills is paying more than a billion dollars in cash to Tyson Foods to buy its animal treats business. Tell us why you're expanding into pet food. What's the attraction there? Well, we love the pet food category because because, you know, people treat their pets like members of the family and for us, it's very natural to do not only serve human food, but also pet food because there's really a trend in the pet food category to humanize pets. And I think it's especially important as times as challenging as we have right now, pets really are a valued member of the family. And so it's a great category and, and the number of heads around the world is increasing. And so it's a growth category. And as you said, Blue buffalo has done well over the last three years in this, the, hopefully the acquisition of this business that Tyson had will, will further our investments and our growth and our natural treats business. Well, you have been doing acquisitions, the buffalo brand that you just mentioned a moment ago and now this recent one, where else? And what else are you looking at in terms of maybe doing some more acquisitions? I'll start the answer by saying the most important thing we can do is grow the brand that we currently have and I'm really proud that we've been able to do that. In addition to that, we're going to look for opportunities to grow our business through acquisitions. We've done it through Annie's, we've done it through Blue Buffalo and uh, and now it is treats business and so we'll look for businesses where we have the capabilities to win and that are adjacent to businesses that we already have. As, you know, many companies are trying to figure out the best solutions for the post pandemic workplace. What are you doing at General Mills? What are your plans? Well, you know, the first thing we're doing is we're listening to our employees and trying to understand what they want because we feel as if an engaged workforce is going to be the most productive workforce and you know, our employees like many employees that have told us, especially when coming back to the office that they want to come back some of the time, but they want some flexibility and how they work. And we've certainly seen during the pandemic that we're working a lot differently, a lot better. And so One of the things we anticipated employees coming back to the office, but we don't anticipate they'll come back all the time every day because we found that we can be most productive when we are, we give our employees some flexibility. So what's the feedback you've been getting from your 40,000 employees who are spread all around the world First? I think our employees are really grateful the way that general mills has treated them over the past 12 months. And our our engagement scores have never been higher as a company and that we were worked really hard at that. And, and you know what they said, Look, we trust the company to do the right thing and we're looking forward to coming back to sing our colleagues. The ones who are in the office is certainly the ones working at manufacturing plants have been there for a long time. They said we're looking we're looking forward to coming back and seeing each other in person. But we also value the flexibility that we've seen. And I think both of those things are true. But do you have any concerns about continuing the virtual work arrangements? And I'm thinking about things like innovation, collaboration and productivity. Yeah. You know the current way we're working, you know, it's not going to be sustainable for the long term for the reasons you suggest that the innovation, you get the ideas that are generated when you're meeting face to face. Also the onboarding of new employees. It's very, very difficult When you're in a virtual environment. So we know that getting back to the office at least some of the time is going to be very important to our culture. It has been an important part of our culture for 155 years and it will continue to be so, but we don't, we don't think that the future is going to look exactly like the past. So looking at the way that you've been leading general mills during the pandemic, has this influenced the way that you want to leave the company going forward? You know, it really has. What we've learned is that clarity is more important than certainty and that when you have, when you have uncertainty around what you need to be clear with employees about how you interact. The other thing we've learned just the value of communication, you know, I'm talking to you today from my kitchen, I can't tell you the number of times that I've done employee communications from my kitchen. And and that's important because, you know, employee, I'm in it with them. I've changed the way that I work. They've changed the way that they work and employees want to know as a leader that you are with them, that you're empathetic Um to what you're going, you're going through. And so those things have changed. I think the other thing is that what we found is that we're really adaptable as a company and you know, we have been successful for 155 years, not because we haven't been willing to change, but because we are willing to change. And so as we come out of this pandemic will keep changing and we'll keep changing our portfolio as we just talked about and we'll keep changing the way we work. Well, you know, talking about your kitchen that you're talking to me right now, you were doing a lot of videos every single week. I understand as a way to communicate with your employees all around the world. Will you continue doing those kind of home videos is their value in that? Yeah, there is a lot of value in that and we will continue to communicate through a variety of ways, including home videos. Um important part is is that, you know, there during its something like a pandemic that you don't want to have avoid being building and employees are really anxious about what was going on in the world around them and we could fill that void by communicating with them. And it's been really valuable to hear from, not only from me but from the rest of the members of senior leadership team in settings that are very familiar, like the one I'm in right now and so we'll continue to connect with their employees in this way. I've been asking a lot of the Ceos I interview about what's the best lesson that they've learned during this pandemic and I'm wondering what has it been for you and that you wish you knew this less than leadership lessons when you became ceo exactly four years ago. I think it's the value of dialogue with your employees. I mean it's communicating to employees but also receiving the feedback from them. And you know, I thought I knew about that before this pandemic, but now I know it and you know a lot of our interactions with employees. My interactions with employees have been very informal and there's been a lot of question and answer and I think that's been a valuable lesson. I guess the other would be just a humanity involved in being a ceo and yes, I'm the ceo of a company, but I'm also a human being who is enduring the same kinds of things that they are and there's real value for your employees to know that you're going through the same kind of situation that they are.

 Jeff, since you became CEO just a few months ago, you've been talking to everybody about your turnaround plan for General Mills. What's the most crucial part of your plan? For us, the key, really, is always getting back to what consumers want. I mean, our strategy is about consumer first and serving them well. So for example, when we put more cinnamon in Cinnamon Toast Crunch, we tend to get good results, and it grows. So the first and foremost key for us to getting back to growth is following what consumers want, whether that's in Haagen-Dazs ice cream, whether that's in Annie's Organic, whether that's in Gluten-Free Cheerios. I know you're a big believer in organic, fresh food, no artificial ingredients. Are you doing enough in that area? Are you moving fast enough? I think people will be surprised to know that General Mills is the fourth largest producer of natural and organic products in the US. And we've doubled the Annie's business since we acquired it three years ago, and we've doubled the EPIC Provisions business in the year-and-a-half that we've owned that. And so we're really pleased with what we've done there. We set our original goal to get to $1 billion in sales in natural and organic by 2020. We were doing well enough that we moved that target up to 2019. And we're doing really well, and my hope is we can come close to that goal in 2018. So you talk about Annie's. That was an acquisition that-- you were very much behind that, and it's been successful. Do you want to do more bolt-on acquisitions like that? And what have you learned from that whole experience? When we acquired Annie's', we said, look, what are you doing well that we can make sure that we learn from, not only for Annie's, for the rest of our business? And what are the things we can do for you? And when it came to what they could do well for us-- they had a great sales organization in the natural and organic channel, and so we started putting all of our natural and organic products through their sales organization, to the extent that if we see something else that we think we can grow and help the entrepreneurs further their mission, we'll certainly be willing to do that. So you're talking about what consumers like. And consumers love yogurt, and Yoplait brand has fallen well behind Chobani and all the other Greek yogurt brands. What can you do to reverse that and change things up? The key is fundamental innovation. And when we looked in the mirror, we said, for the last five years, we have not been innovating the way that we want. We've been following others, and so what we really need to do is get back to leading again. It's the reason why we have said to come out with the Oui yogurt this summer, because it's a fundamental innovation. That's the French brand. It's the French brand. So it's made one cup at a time with a few simple ingredients. It tastes really good. But back to your strategy for Yoplait, can you catch up and come out with a breakthrough, or is it just too late? Our goal is not only to stabilize our yogurt business. Our goal is to lead growth in the yogurt category again, not only in the US, but also, abroad. The biggest yogurt market in the world is not the US. It's not France. It's China. And recently, not only do we think we can do well here in the US, but we've also introduced Yoplait into China. And that business is going really well, and we have high hopes for that, as well. Jeff, let's talk a little bit about Amazon. What are your plans for dealing with Amazon now that it's pushing very seriously into grocery with its acquisition of Whole Foods? We're excited about the transformation we see in e-commerce. We tend to do better online than we do offline. Our market shares in an online environment are better than our shares in-store. And that's because we have a lot of leading brands, and consumers look for leading brands. The other thing is in all the discussion about Amazon, and Whole Foods, and what that might mean, I think what gets lost in that is there are going to be a lot of winners in e-commerce. Walmart's got a great e-commerce business. Albertsons getting into e-commerce. Kroger is, as well. And we've got great relationships with those retailers, as well. And so what we think is going-- we are certainly going to see an increase in the level of growth through e-commerce, because that's what consumers are looking for. But the e-commerce operations for General Mills, from what I understand, is still pretty small. I mean, what are your plans? Do you feel pressure to really expand your online operations now that Amazon is in the picture? So we've been expanding our e-commerce capability for the last few years and making investments in that capability, and they've paid off. As I said, we've seen really strong growth. It's still a relatively small part of our business, but what we've seen in the last couple of months, though, is that we have an opportunity to really globalize how we look at e-commerce. The fact is that the Korean market, the Chinese market, UK, and France are all ahead of the US when it comes to e-commerce and food, and there's a lot that we can learn from those markets. There are so many competitive headwinds for big food companies, not just at General Mills, but all of the companies. We're seeing so many CEO changes, including that new announcement about changes at the top at Mondelez. As you look out, what would you say is the biggest competitive threat for big food? Our biggest threat is that we don't change enough. We've got great brands. We've got great people. We've got great capabilities. And if we're willing to change as the consumers are changing and as our retail customers are changing, we'll be successful. 

General Mills CEO Breaks Down Company's Turnaround Plan

Jeff Harmening says yogurt brand Yopliat will play a part, despite dramatic sales decline.

Jeff. Since you became CEO just a few months ago, you've been talking to everybody about your turnaround plan. For General Mills, what's the most crucial part of your plan for us? The key really is always getting back to what consumers want. Our strategy is about consumer first and serving them well. So, for example, we put more sentiment and cinnamon toast crunch. We tend to get good results, and it grows. So the first and foremost keep for us to getting back to growth. That's following what consumers want, Whether that's in Haagen Daz and ice cream, where that's in Annie's Organic, where that's including free on Syria's I know you're a big believer in organic fresh food. No artificial ingredients. Are you doing enough in that area? Are you moving fast enough? I think people really surprised to know that General Mills, the fourth largest producer of natural organic products in the US and we've doubled the Andes business since we acquired it three years ago, and we've doubled the epic provisions business in the year and 1/2 that we've owned that. And so we're really pleased with what we've done. There we have it. We set original goal to get to a $1,000,000,000 in sales and natural organic by 2020. We're doing well enough that we moved that target up the 2019 and, uh, and we're doing really well on my hope that we can come close to that. Go on 2018. So you talk about Annie's. That was an acquisition, that you were very much behind that, and it's been successful. Do you want to do more bolt on acquisitions like that? And what have you learned from that whole experience? When we acquired Annie's, we said, Look, what are you doing? Well, that we can make sure that we learn from not only for Anne's for the rest of our business and one of the things we can do for you. And when it came to what they could do well for for us, you know, they had a great sale organization in the natural organic channel, and so we started putting all of our natural organic products to their sales organization. To the extent that we see something else that we think we can grow and help help the entrepreneurs, you're further Their mission will certainly be willing to do that. You're talking about what consumers like and consumers love yogurt and your Yoplait brand has fallen well behind Chobani and all the other Greek yogurt brands. What can you do to reverse that and change things up? The key is fundamental innovation, and we looked at when we looked in the mirror. We said, For the last five years, we have not been innovating the way that we want. We've been following others so, but we really need to do is get back to leading again. It's the reason why we just said to come out with the wee yogurt the summer because it's a fundamental. That's the French brand is the French brand, so it's made one couple of time with a few simple ingredients. It tastes really good, but, you know, back to your strategy for your place. Can you catch up on and come out with a breakthrough? Or is it just too late? Our goal is not only to stabilize, are you over? Business are our goals the league growth in your category again not only in the U. S, but also abroad. The biggest yogurt market in the world is not the U. S. Is not Francis China, and you know we've recently not only do we think we can do well here in the US, but we've also introduced. You'll play in tow China, and that business is going really well. We have high hopes for that. Jeff, let's talk a little bit about Amazon. What are your plans for dealing with Amazon now that it's pushing very seriously into grocery with this acquisition of Whole Foods? We're excited about the transformation. We see any commerce we tend to do better online than we do awful in our market. Shares and online environment are better than our shares in store, and that's because we have a lot of leading brands. Consumers look for leading brands. The other thing is in all the discussion about Amazon and Whole foods and what that might mean, You know, I think what gets lost in that is there gonna be a lot of winners? Any commerce, you know, Walmart get a grade e commerce business. Albertson's getting into commerce, Kroger's as well, and we've got great relationships with those retailers as well. And so what we think is going to rear Certainly gonna see an increase in the level of growth through e commerce because that's what consumers are looking for. But the e commerce operations for General Mills, from what I understand is still pretty small. I mean, what are your plans? Do you feel pressure to really expand your online operations now that Amazons in the picture? So we've been expanding our e commerce capability for the last few years and making investments in that capability, and they've paid off. As I said, we've seen really strong growth is still a relatively small part of our business. But we have seen what we've seen the last couple of months, though, is that we have an opportunity to really globalize how we look at e commerce. The fact is that the Korean market that the Chinese market you can France are all ahead of the U. S. When it comes to e commerce and food, and there's a lot that we can learn from those markets. There are so many competitive headwinds for big food companies, not just a General Mills, but, you know, all of the companies were seeing so many CEO changes, including that new announcement about changes at the top at Mona Lisa as you look out, What would you say is the biggest competitive threat for a big food? Our biggest threat is that way. Don't change enough. We've got great brands. We've got great people, we've got great capabilities. And if we're willing to change as the consumers are changing as a retail, customers changing will be successful.

General Mills

Company Information

World's Most Admired Companies
As of 2/2/22

General Mills

Company Information

World's Most Admired CompaniesAs of 2/2/22

World's Most Admired Companies
As of 2/2/22