One of America’s leading Black Executives, Kofi Bruce, the chief financial officer of General Mills, received a total compensation package of $5.01 million from the U.S. multinational food company in 2023.
Bruce — who became General Mills’ CFO in February 2022 — received a compensation package that includes a base salary of $0.78 million and a performance-based short-term incentive of $1.25 million — a direct reflection of his joint role in leading the multinational food company toward impressive financial milestones in 2023.
The highly accomplished corporate executive also received a long-term incentive award of $1.71 million — highlighting his unwavering dedication and expertise as a seasoned business executive
Kofi Bruce’s impact: A financial maestro steering General Mills to success
General Mills, a pioneering American multinational food company, champions a nine-decade legacy of enhancing food diversity, nutrition, affordability, and global accessibility. Focused on sustainability and customer-centricity, the company’s over 100 brands delivered a remarkable 6 percent surge in revenue, with net sales increasing to $20.09 billion in 2023.
Bruce is lauded for his exceptional leadership and influential contributions, characterized by an unwavering commitment to optimizing the group’s financial standing—his relentless focus has played a key role in propelling General Mills toward operational excellence and financial triumph.
Under his leadership, the company’s retained earnings surged by 7.05 percent from $18.53 billion in 2022 to $19.84 billion in 2023, while also recording a modest 1.16 percent surge in total assets — from $31.09 billion in 2022 to $31.45 billion in 2023.
Strategic ownership: Kofi Bruce’s 43,596 shares in General Mills valued at $2.85 million
Beyond his executive and leadership roles at the American multinational food company, Kofi Bruce owns a minority 0.0075-percent stake in General Mills — equivalent to 43,596 ordinary shares.
This stake presently commands a valuation of $2.85 million — underscoring his vested commitment to the continued triumph of the American multinational manufacturer and marketer of branded processed consumer foods sold through retail stores.
