The company said it has promoted president and COO Ken Powell to CEO, and that Sanger will remain on as chairman through May. Kirstie Foster, a spokeswoman for the company, said the decision to step down was Sanger's. Sanger has been chairman and CEO of General Mills since 1995. The maker of Cheerios cereal and Pillsbury baking mixes, General Mills is second only to Kellogg in the US as a cereal maker.
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