General Mills executives told employees last week it plans layoffs of 700 to 800 positions in the U.S. and Canada, and 500 to 600 additional positions worldwide, the Star Tribune reported. At the company’s headquart
ers outside of Minneapolis, as much as 20% of its 3,000 employees could be cut, the newspaper reported.
In a filing with the U.S. Securities and Exchanges Commission last week, General Mills said it expects to incur about $160 million in restructuring costs — primarily severance payments — in fiscal year 2021, which ended May 30. By the end of fiscal 2023, the company expects to pay out a total of $170 million to $220 million in the restructuring effort — $130 million to $180 million of which will be cash, the filing says.
General Mills has been shuffling and dismissing executives in recent weeks as part of its Accelerate growth strategy. In late May, Chairman and CEO Jeff Harmening announced a series of new leadership assignments at an investor conference. These changes created the new positions of chief strategy and growth officer and chief transformation and enterprise services officer, and eliminated the jobs of global chief marketing officer and president of Europe and Australia.