Longtime General Mills CEO Steve Sanger '68 Steps Aside

Longtime General Mills CEO Steve Sanger '68 Steps Aside

September 24, 2007

Steve Sanger 2006.jpgSeptember 24, 2007, Greencastle, Ind. - "It has been a great privilege for me to serve as chief executive officer of General Mills," Steve Sanger said today as he stepped down as the company's CEO after more than 12 years. Sanger, a 1968 graduate of DePauw University, will continue as chairman of the company through the end of the current fiscal year in May 2008. "I look forward to seeing General Mills continue to grow and prosper in the years ahead," he added.

Kendall J. Powell, who takes over as CEO, added, "I am honored and excited to serve as General Mills' chief executive officer. And I realize Steve will be a tough act to follow."

Since Sanger assumed the leadership posts at General Mills in May 1995, "company sales have more than doubled to exceed $12 billion in fiscal 2007, earnings have tripled to more than $1.1 billion, and total return to shareholders (stock price appreciation plus reinvested dividends) averaged 10 percent compounded annually over the period," notes Business Wire. "General Mills also grew dramatically in global scope, increasing international sales ten fold over the past 12 years."

Read more here or in the Minneapolis/St. Paul Business Journal.

Steve Sanger received an honorary doctorate from DePauw on May 23, 2004. Video of the presentation is embedded below.