Investing.com -- General Mills Inc (NYSE:GIS) increased its quarterly dividend by 5% and elected Kimberly-Clark (NYSE:KMB) chief financial officer Maria Henry to its Board of Directors at a regularly scheduled March meeting on Tuesday.
Henry, who will join the Board effective June 1, has spent the previous 10 months as a senior vice president and the CFO of Kimberly-Clark, a Dallas-based personal care corporation that mostly produces paper-based consumer products. Previously, Henry served in a similar capacity with Hillshire Brands for a period of 21 months through March, 2014. Before that, Henry spent short stints at Sara Lee, Corp., North American Operations, Culligan International, Vastera, Inc. and Acterna, Corp.
"Maria brings an excellent track record of financial leadership and shareholder value creation to our board," said Ken Powell, General Mills Chairman and CEO. "Her consumer packaged goods experience and her background in public and private companies will be assets as we continue to drive strong returns for General Mills shareholders."
Separately, the company announced that it is raising its quarterly dividend by 4.5% to 0.46 per share, payable on May, 2 to shareholders of record on April 11. It represents a slight increase from the company's previous dividend of 0.44 per share and marks the seventh time General Mills has increased its quarterly dividend rate since 2010.
In fiscal year 2016, the company will offer dividends totaling $1.78, up 7% on an annual basis.
Shares in General Mills closed on Tuesday at 59.95, up 0.33 or 0.55%.