General Mills announced on Wednesday that Dana McNabb, currently the company’s chief operating officer, will take over as chief executive officer effective January 1. McNabb’s appointment reflects the company’s decision to promote from within as it navigates a challenging business landscape marked by high inflation, diminished consumer spending, and increased competition from private-label products.

The consumer goods sector has seen an uptick in leadership changes as companies contend with a mix of persistent supply chain disruptions, uncertainty surrounding U.S. tariffs, and the economic impacts of the ongoing conflict in the Middle East. Additionally, many firms are working to better engage younger consumers whose preferences are reshaping market dynamics.

Ms. McNabb will succeed Jeff Harmening, who has served as General Mills’ CEO for nearly a decade. Harmening will transition to the role of executive chair at the start of next year. Under his leadership, the company made significant strategic moves, including the acquisition of Blue Buffalo, which marked General Mills’ expansion into the pet-food industry. He also guided efforts to restructure the company’s portfolio and increased investments in digital technologies aimed at enhancing consumer engagement.

The leadership change signals General Mills’ intent to address ongoing industry challenges and position itself for sustainable growth amid evolving consumer and economic conditions.