Cereal giant General Mills is replacing its chief executive as it works to turn around its business following a tough spell for America's packaged food companies.

The company tapped its Chief Operating Officer Dana McNabb to succeed Jeff Harmening after his nearly decadelong run as CEO.

General Mills on Wednesday said McNabb, who joined the Minneapolis company in 1999 and was named chief operating officer earlier this year, will become CEO on Jan. 1.

The Cheerios and Pillsbury dough maker is working to woo customers with new and improved products more in line with what today's consumers want to eat. Last year, General Mills cut prices across roughly two-thirds of its North America grocery products in a bid to win over budget-conscious consumers.

Consumers have been reining in their spending at grocery stores and restaurants after years of rising food prices, hunting for deals and shifting purchases to cheaper store brands.

"We don't just want our products to be decent or acceptable," Harmening said in an interview last week. "We want them to be remarkable, and in today's world, that's really important."

General Mills said that its efforts are bearing fruit, though many consumers remain stressed and the company has more work to do. The company's stock has fallen 44% in the past five years.

Harmening, who has been CEO since June 2017 and chairman since January 2018, will become executive chairman on that date, the company said. Harmening has been with General Mills since 1994.

General Mills said McNabb, 50, will receive a base salary of $1.35 million as CEO, along with an annual bonus with a target of 180% of her base pay.