The staff cuts include chief marketing officer Ann Simonds—who will step down at the end of the year—and General Mills’ international chief operating officer, Christopher O’Leary. His position probably won’t be replaced, according to reports.
The company’s chief operating officer, Jeff Harmening, said in a statement that staff cuts were essential for hitting the company’s profit-margin goal:
The structural changes announced today will help us unlock global growth opportunities and go after them by efficiently restructuring our teams and processes. The capability investments and savings generated by these changes will help us deliver our fiscal 2018 adjusted operating profit margin target of 20 percent.
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Simonds was named marketing chief in 2014, and a search is underway to replace her. She and chief creative officer Michael Fanuele led the company’s effort in 2016 to find new marketing agencies. Earlier this year, 72andSunny and Redscout took over as General Mills’ lead creative agencies in the United States.
The move comes amid declining sales across the company’s product portfolio, which includes Cheerios, Betty Crocker, Pillsbury and many more.
American Apparel layoffs seem eminent
General Mills isn’t the only company trimming its employee numbers.
American Apparel recently said it will cut nearly 3,500 jobs. The company has struggled before and after the high-profile departure of controversial CEO and founder Dov Charney. Its struggles came to a head last month in a bankruptcy filing.
American Apparel said it sent a notice to employees to comply with California law, and that “layoffs are not certain.”
Earlier this year, Canadian company Gildan Activewear agreed to purchase American Apparel’s intellectual rights and other assets. It will not purchase the company’s retail stores, which could go to another buyer or simply close.
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