Packaged food giant General Mills says company veteran Jeffrey L. Harmening will take over as chief executive next month, replacing Ken Powell who is retiring.
Harmening is a 23-year veteran of the Minneapolis-based maker of Cheerios and Betty Crocker. He's served as chief operating officer since July. He takes over as CEO on June 1.
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Powell has been the company's CEO since 2007. He'll remain as chairman of the board for a transition period until his planned retirement within a year.
The handover comes as General Mills adapts to changing consumer habits. Revenue fell 5 percent to $3.79 billion during the most recent quarter, mainly because of weakness in the key North American retail segment. That segment accounts for the bulk of the company's sales.