FORTUNE 500 D8ID7:G&*!'%%, 2007 Most Powerful Women BY KATIE BENNER, EUGENIA LEVENSON, AND RUPALI ARORA Business has its ups and downs, and so, naturally, do women in business.(Bye-bye, Martha!) But the story of this list is one of achievement: The credentials of these women, including the 13 newcomers, are the strongest yet. the new spokeswoman. The company is also cutting jobs and doing away with lessprofitable products. MOST POWERFUL WOMEN 4 1 INDRA NOOYI, 51 CHAIRMAN AND CEO PEPSICO 2006 RANK: 1 All the arrows are pointing in the right direction, with revenues ($35.1 billion), operating profits ($6.4 billion), and earnings per share ($3) all rising strongly last year. The 2001 Quaker Foods acquisition, in which Nooyi played a key role, is working out well, and Pepsi International, a priority for the company and a particular interest for the Indianborn Nooyi, is coming on strong too; its revenues rose 14%, to $13 billion, and operating profits rose 21%, to $1.9 billion. Oh, and in May, Nooyi added the title of chairman to her own portfolio. CHAIRMAN AND CEO XEROX In May, Xerox’s credit was upgraded to investment-grade status from junk, and analysts love the new focus on growth and expansion— a sign that Xerox is back to health. Recent acquisitions like Global Imaging Systems should add close to $1 billion in sales to the $16 billion company. The stock is up 10% in the past year. 3 MEG WHITMAN, 51 PRESIDENT AND CEO EBAY NEW Trading in her job as EVP and general counsel to become CEO in June, Braly heads the largest company run by a woman. WellPoint has revenues of $56.9 billion and 35 million subscribers, the most of any U.S. healthcare company. IRENE ROSENFELD, 54 CHAIRMAN AND CEO KRAFT FOODS 2006 RANK: 5 Kraft had a bumpy 2006. Revenues were flat ($34.4 billion), and earnings per share declined in the fourth quarter. But earnings were up for the year as a whole, and in March, Kraft regained control of its destiny when it was spun off from tobacco giant Altria Group. Rosenfeld announced a $5 billion stock repurchase program in February and a $7.2 billion acquisition of Danone’s global biscuit business less than five months later. One key goal: increasing Kraft’s presence in emerging markets. 2006 RANK: 3 It hasn’t been easy for this web 1.0 superstar to figure out how to succeed in a 2.0 world, but the $6 billion company remains the world’s No. 1 e-commerce brand. PayPal revenue increased 34% in the most recent quarter, and eBay upped its 2007 sales forecast, thanks in large part to its recent deal to purchase StubHub. Investors are buying in, sending the stock up 45%. 6 2006 RANK: 6 2006 RANK: 10 PRESIDENT AND CEO WELLPOINT 2006 RANK: 2 CHAIRMAN AND CEO SARA LEE PRESIDENT, GLOBAL BUSINESS UNITS PROCTER & GAMBLE ANGELA BRALY, 46 5 2 ANNE MULCAHY, 54 10 BRENDA BARNES, 53 7 SUSAN ARNOLD, 53 PAT WOERTZ, 54 CHAIRMAN, CEO, AND PRESIDENT ARCHER DANIELS MIDLAND 2006 RANK: 4 Bio-based plastics, chemical alternatives, ethanol: ADM does it all. Revenues rose almost 20%, to $44 billion, and net income increased 65%, to $2.2 billion. With corn prices rising, though, the “dot-corn” ethanol phenomenon is losing some of its glow, and the stock has fallen sharply. Still, strong global demand positions ADM’s commodity-based businesses well for the long haul. Check out the annual report: Arnold’s name comes right after CEO A.G. Lafley’s —and that may understate her importance. Arnold is responsible for the day-to-day operations of the three global business units in the $76 billion company. An organic growth goal of 4% to 6% annually means adding billions of dollars to the top line every year. But Arnold has done it before, transforming the once-sleepy health and beauty business. Is the turnaround finally working? Maybe—just maybe. Sales rose 7.1%, to $12.3 billion, and operating income 32%, to $556 million, in fiscal 2007. The key: innovation. Since 2005, Sara Lee has accounted for almost half the new bakery products in the U.S., and Barnes plans to launch 75 new products in 2008. The stock price, alas, has barely budged. Investors worry that margins will stay slim because of increased marketing spending. 8 OPRAH WINFREY, 53 11 URSULA BURNS, 49 PRESIDENT XEROX CHAIRMAN HARPO 2006 RANK: 8 Having made stars of the likes of Rachael Ray and Dr. Phil, Winfrey is now trying to use her clout to move the political needle: She was an early supporter of Democrat Barack Obama’s bid for the presidency. Politics may be Winfrey’s Rubicon; Obama has been faltering. Still, Winfrey’s cultural clout is undeniable. Her Oscar special this year was among the top-rated shows that week, and in a tough year for magazines, O: The Oprah Magazine saw ad pages rise 14%. 9 2006 RANK: 27 Burns is not only the heir apparent and right-hand woman to CEO Anne Mulcahy (see cover story) but the force behind the improved product line at Xerox. One example of the fruits of Burns’ R&D investments: Xerox’s new emulsion aggregate toner plant in upstate New York, which opened in August, is the only one of its kind in the U.S. No wonder net income at Xerox grew more than 20% last year. 12 SALLIE KRAWCHECK, 42 CHAIRMAN AND CEO, CITI GLOBAL WEALTH MANAGEMENT CITIGROUP 2006 RANK: 9 ANDREA JUNG, 49 CHAIRMAN AND CEO AVON PRODUCTS 2006 RANK: 7 The stock is finally showing life, up 15% in the past year, as Jung has proved to investors that she is serious about reinvigorating growth at the $8.7 billion cosmetics company. Among other initiatives, she has increased ad spending and is launching Avon’s first worldwide ad campaign, “Hello tomorrow,” with Reese Witherspoon as the new spokeswoman. The company is also cutting jobs and doing away with lessprofitable products. 10 BRENDA BARNES, 53 CHAIRMAN AND CEO SARA LEE 2006 RANK: 6 Is the turnaround finally working? It’s been a turbulent time for the banking giant ($89.6 billion in revenues; $240 billion market cap) and also for Krawcheck, who used to be chief financial officer. Amid problems with the stock and the ouster of Todd Thomson, Krawcheck was reassigned to his post as head of the $10 billion wealth management business. The move shrinks her profile on Wall Street, but it also proves that CEO Chuck Prince counts on her to calm troubled waters. Healthcare Businesswomen’s Association. Television just signed a deal to offer its shows on AOL. 13 ANN LIVERMORE, 49 EVP, TECHNOLOGY SOLUTIONS GROUP HEWLETT-PACKARD 2006 RANK: 19 2006 RANK: 15 She oversees institutional securities and global wealth management, which together account for more than 80% of the bank’s $34 billion in revenues. Named copresident in early 2006, Cruz has tremendous pull within the company, where she has worked for 26 years. She reports directly to John Mack (who sometimes refers to her as the “Cruz missile”) and is considered a possible successor. Time Inc. is the biggest gorilla in the U.S. magazine business, with 126 titles and almost one-fifth of the industry’s ad spending; half of American households read at least one of its titles every month. Moore has ramped up digital initiatives, and Time Inc. websites get 20 million unique visitors a month. Growth in online ad revenues has more than offset declines in print advertising. Still, these are hard times for print; revenues in 2006 were down slightly, to $5.2 billion, and operating income went up just 1%, to $911 million. 17 GINNI ROMETTY, 50 14 SVP, GLOBAL BUSINESS SERVICES IBM 2006 RANK: 16 CHRISTINE POON, 54 VICE CHAIRMAN JOHNSON & JOHNSON 2006 RANK: 11 Since joining the company in 2000, Poon has kept adding responsibilities. In addition to leading the pharma division, she oversees procurement, information management, and operations at the $57.1 billion company. 22 DIANE GREENE, 51 CHAIRMAN AND CEO TIME INC. CO-PRESIDENT MORGAN STANLEY 2006 RANK: 14 She doesn’t make headlines, but Livermore delivers results. Her group, which includes servers, storage, software, and services for corporate clients, accounts for 36% of sales at the $101 billion company. Operating income for her division jumped nearly 60% last year, to $3 billion, part of the reason the Silicon Valley stalwart has had a stellar run on the stock market. 19 ANN MOORE, 57 16 ZOE CRUZ, 52 She heads strategy development for Global Services, which accounts for more than half of IBM’s $91 billion in revenues; the division recently posted its ninth consecutive quarter of profit growth. Rometty’s results and an aggressive expansion into India have helped transform IBM into a nimble global competitor with fast-rising profits. The stock has jumped 45% over the past year. 18 JUDY MCGRATH, 55 15 ANNE SWEENEY, 49 CO-CHAIRMAN, DISNEY MEDIA NETWORKS; PRESIDENT, DISNEY-ABC TELEVISION GROUP WALT DISNEY 2006 RANK: 13 In 2006, Media Networks’ operating income rose 12.5%, and revenues 10.8%, to $14.6 billion. Sweeney also added High School Musical to her roster of hit shows (Grey’s Anatomy, Dancing With the Stars). The Disney Channel phenomenon made it big on cable, the web, iTunes, and the stage, showing that she has a grip on multiplatform entertainment. Disney-ABC Television just signed a deal to offer its shows on AOL. MTV Networks delivers more than half of parent Viacom’s sales. Revenues in McGrath’s division rose 7% last year, to $7.2 billion, and operating income 11%. But youth culture is fickle, and MTV’s buzz has lessened since her mentor, Tom Freston, was fired in 2006. McGrath has her reputation for cutting-edge creativity riding on two projects: a social networking platform, Flux, and an investment in VBS. tv, the online video offshoot of hipster magazine Vice. 20 SUE DECKER, 44 PRESIDENT YAHOO RETURN Yahoo is smaller than Google, slower growing, and decidedly less fashionable. Google’s stock has risen smartly in the past year; Yahoo’s has fallen. But Decker’s career is only going up. A stock analyst who joined Yahoo as CFO in 2000, she was promoted to president in June to lead a turnaround. Warren Buffett gave her his vote of confidence: He named her to the Berkshire Hathaway board this year. 21 SUSANDESMOND-HELLMANN, 50 PRESIDENT PRODUCT DEVELOPMENT GENENTECH 2006 RANK: 17 DesmondHellmann, who started as a clinical scientist at Genentech in 1995, has a dream: to flood the market with breakthrough cancer drugs. In 2006 the $9.3 billion company took a step in that direction. Oncology sales passed the $5 billion mark, making Genentech tops in the U.S. in that category. DesmondHellmann was named 2006 Woman of the Year by the Healthcare Businesswomen’s Association. 22 DIANE GREENE, 51 CEO VMWARE NEW 16 ZOE CRUZ, 52 CO-PRESIDENT MORGAN STANLEY 2006 RANK: 19 NEW Greene has run VMware since founding it in 1998 with her husband, Mendel Rosenblum. She sold the company to EMC in 2004 for $600 million, then stayed on to continue running it (see story). Still majority-owned by EMC but spun off in an August IPO, VMware is the fastestgrowing and most influential enterprise software company Silicon Valley has seen in a decade—and worth a cool $26 billion. 23 AMY BRINKLEY, 51 GLOBAL RISK EXECUTIVE BANK OF AMERICA 2006 RANK: 23 CHAIRMAN AND CEO MTV NETWORKS VIACOM 2006 RANK: 12 CEO VMWARE Greene has run VMware since founding it in Like all the big banks, Bank of America has seen brighter days; its stock is trailing the S&P over the past year. But the situation could have been much worse. Brinkley sets the standards for market and operational risk; that BofA, which has huge retail operations, wasn’t too entangled in the subprime mess is to her credit. BofA is even trying to take advantage of the turmoil, investing $2 billion in troubled Countrywide Financial. After all, managing risks sometimes means taking them. 24 SUSAN IVEY, 48 CHAIRMAN, R.J. REYNOLDS TOBACCO; CHAIRMAN, PRESIDENT, AND CEO, REYNOLDS AMERICAN 2006 RANK: 20 Reynolds’s main products—cigarettes and chewing tobacco—may not be healthy, but its financials certainly are. In 2006 total shareholder return at the second-largest U.S. cigarette company (2006 revenues: $8.5 billion) was up 43%. The $3.5 billion acquisition of Conwood, which controls a quarter of the U.S. moist-snuff market, looks solid. The biggest uncertainties: regulation and taxation. American health-care system by 2012. Jamie Dimon, her longtime mentor. MOST POWERFUL WOMEN 25 ELLEN KULLMAN, 51 EXECUTIVE VP, SAFETY AND PROTECTION, COATINGS AND COLOR TECHNOLOGIES, MARKETING AND SALES, SAFETY AND SUSTAINABILITY, PHARMACEUTICALS, AND RISK MANAGEMENT DUPONT 2006 RANK: 21 Not only does she have the longest title at the science and tech conglomerate (and possibly anywhere), Kullman is the most important division head: Her segments generate nearly 45% of the $27 billion company’s revenue. She is also on the board of General Motors. 26 CHARLENE BEGLEY, 40 PRESIDENT AND CEO GE ENTERPRISE SOLUTIONS GENERAL ELECTRIC 2006 RANK: 22 After running GE Plastics for two years—and overseeing the first new polymer since the 1980s—Begley helped sell the unit to Saudi Basic Industries in May for $11.6 billion, a price that was considered a pleasant surprise. Now she’s running GE Enterprise Solutions, a new business focused on boosting productivity through technology and automation solutions. GE estimates that it will be an $11.6 billion operation. Begley will report directly to CEO Jeff Immelt. 27 HEIDI MILLER, 54 31 CAROL MEYROWITZ, 53 28 CECE SUTTON, 49 CEO AND PRESIDENT TJX 2006 RANK: 26 EVP, HEAD OF RETAIL AND SMALL BUSINESS BANKING WACHOVIA NEW Days before Meyrowitz became CEO of the nation’s largest off-price retailer in January, TJX revealed a massive customer data breach. It was a tough way for the company vet to begin her tenure. The $18 billion retailer, whose U.S. stores include T.J. Maxx and Marshalls, faces lawsuits from consumers, banks, and investors; related charges have eaten into quarterly profits. On a positive note, sales have been strong, up 7% in the first half of this year. Wachovia, with $720 billion in assets, has seen its stock price drop, in part because of credit market woes. Nevertheless, Sutton’s stock within Wachovia is rising. She began her 29-year career as a clerk and now oversees a division at the Charlotte-based bank that accounts for nearly a third of its $30 billion in revenues. She is one of two serious contenders to head the General Bank, which oversees the retail and wholesale businesses. 32 CARRIE COX, 50 EVP, PRESIDENT OF GLOBAL PHARMACEUTICALS SCHERING-PLOUGH 2006 RANK: 39 29 SHERYL SANDBERG, 38 VP, GLOBAL ONLINE SALES AND OPERATIONS GOOGLE NEW Sandberg’s division has helped make Google’s online ad network one of the world’s largest, and it accounts for more than half the company’s $10.6 billion in revenues. She is the youngest woman on our list. CEO, TREASURY AND SECURITIES SERVICES J.P. MORGAN CHASE 2006 RANK: 25 Miller’s division generates 14% of J.P. Morgan Chase’s $61 billion in revenues. Operating profits rose 21% last year and are heading up this year too. In the first half of 2007, Miller increased assets under custody by 32%, to $15.2 trillion; she oversees operations in 39 countries. She reports directly to CEO Jamie Dimon, her longtime mentor. 28 CECE SUTTON, 49 EVP, HEAD OF RETAIL AND SMALL BUSINESS BANKING WACHOVIA 30 ABIGAIL JOHNSON, 45 PRESIDENT, FIDELITY EMPLOYER SERVICES FIDELITY 2006 RANK: 18 Questions about her health and Fidelity’s wellbeing have thrown into doubt the idea that Johnson will lead the $12.9 billion mutual fund giant someday. A number of executives have quit this year, including key players within her unit, which dominates the 401(k) market. But Johnson is still a major shareholder—and CEO Ned Johnson’s daughter. Aggressive streamlining and shrewd deals have delivered stellar results at Cox’s $10.5 billion division, which accounts for 80% of ScheringPlough’s total sales; revenues at her division are up more than 13%, and operating income has nearly tripled over the past year. Some credit goes to a $1.9 billion joint venture with Merck to market cholesterol drugs Vytorin and Zetia. The companies are also developing an allergy pill. CHAIRMAN AND CEO OGILVY WORLDWIDE WPP 2006 RANK: 30 Only 44% of this advertising powerhouse’s $2 billion in revenue comes from traditional advertising—a figure that indicates how Lazarus has been able to lead Ogilvy into new media. The Dove “Evolution” viral video attracted more than 400 million consumer views, making it one of the most successful such campaigns ever. 35 MARY SAMMONS, 61 CHAIRMAN, PRESIDENT, AND CEO RITE AID 2006 RANK: 34 The day Sammons was named chairman in June, she also completed the Brooks Eckerd acquisition, making Rite Aid the largest drugstore chain on the East Coast. Rite Aid has more than 5,000 stores and $17.6 billion in sales. Sammons hopes her plans to add 1,000 new stores over the next five years will boost razor-thin profit margins and steady the stock. Shares rose nicely in the first half of 2007 but have slumped since. 36 LISA WEBER, 44 33 LINDA DILLMAN, 51 EVP, RISK MANAGEMENT, BENEFITS, AND SUSTAINABILITY WAL-MART STORES 2006 RANK: 29 Taking big strides on the greening of Wal-Mart, Dillman is spearheading environmentally friendly stores with 100% renewable energy. In January the world’s biggest retailer launched the first of four high-efficiency (HE.1) stores, which are expected to be 20% more energy-efficient. She is also championing Better Health Care Together in partnership with the U.S. government to revitalize the American health-care system by 2012. NEW Wachovia, with $720 billion in assets, has seen its stock price drop, in part because of credit market 34 SHELLY LAZARUS, 60 34 SHELLY LAZARUS, 60 CHAIRMAN AND CEO OGILVY WORLDWIDE WPP 2006 RANK: 30 Only 44% of this PRESIDENT, INDIVIDUAL BUSINESS METLIFE 2006 RANK: 33 Weber bet that improvements to technology, service platforms, and risk management would hone the competitive edge of her $17.7 billion division. The strategy seems to be working. Weber’s expanding annuity products account for 21% of MetLife’s profits. She also oversees automobile and home-insurance businesses. technology. Gaining fans around the company, she has a good shot at succeeding Andrea Jung as CEO. MOST POWERFUL WOMEN 37 40 43 CATHLEEN BLACK, 63 PRESIDENT HEARST MAGAZINES HEARST 2006 RANK: 38 CLAIRE BRABOWSKI, 50 KATHLEEN MURPHY, 44 EVP AND COO TOYS “R” US CEO, U.S. WEALTH MANAGEMENT ING NEW NEW After a successful career at McDonald’s, she served as president and COO and then interim CEO of RadioShack. Now Brabowksi is using her operational skills to turn around the $13 billion toy retailer, which went private in 2005. 38 JOANNE MAGUIRE, 53 EVP, SPACE SYSTEMS LOCKHEED MARTIN 2006 RANK: 35 Trained as an engineer, Maguire was named to run the defense giant’s space systems division in July 2006. She sells missile defense systems and military, civil, and commercial satellite equipment and services. The U.S. government accounted for 90% of last year’s $8 billion in sales. A joint venture with Boeing to operate and manage NASA’s space shuttle fleet is expected to improve margins. 39 COLLEEN GOGGINS, 53 WORLDWIDE CHAIRMAN CONSUMER GROUP JOHNSON & JOHNSON 2006 RANK: 37 A 26-year veteran of J&J and a member of the executive committee, Goggins added over-the-counter sales to her responsibilities in January. With $9.2 billion in revenues in 2006, her division accounted for 17.5% of J&J’s total. The recent acquisition of Pfizer Consumer Healthcare, which gets half its revenues outside the U.S., enhances J&J’s international position in the field. J&J now leads in 22 different consumer health categories—a position of strength in an aging world. Wealth management is one of ING’s growth divisions. It offers everything from financialplanning services to annuities. Last year assets under management grew 12%, to $158 billion, and after-tax profits jumped 28%, to $708 million. 41 DAWN HUDSON, 49 PRESIDENT AND CEO PEPSI-COLA NORTH AMERICA PEPSICO 2006 RANK: 42 Thanks in part to her leadership, Pepsi-Cola North America, the refreshment beverage unit of PepsiCo, continues to gain share (26%) in the U.S. beverage market, surpassing a certain company in Georgia (23%). PepsiCo is counting on Hudson to reverse the erosion in carbonatedbeverage consumption, one of the company’s key challenges. Black oversees 19 U.S. titles— among them such icons as Cosmopolitan, Good Housekeeping, Esquire, and Town & Country—and another 200 international editions in 100 countries. She has also been ahead of the game in the modern marriage of celebrity and magazines, publishing the phenomenon that is O: The Oprah Magazine. All told, it adds up to about $2.5 billion in ad revenues. 44 EVP AND COO ENTERPRISE NEW With the recent purchase of Vanguard Car Rental, Enterprise can expect its annual revenues to reach $12 billion—putting it well ahead of Hertz ($8.1 billion). Nicholson is in charge of the dayto-day operations at the privately owned company. PRESIDENT AVON PRODUCTS NEW 43 CATHLEEN BLACK, 63 PRESIDENT HEARST MAGAZINES HEARST 2006 RANK: 38 Black oversees 19 U.S. titles— among them such Since Pascal’s promotion last year, Sony has had more than a dozen hits, including The Da Vinci Code, Casino Royale, and The Pursuit of Happyness. Revenue grew nearly 30%, to $8.2 billion, in 2006, and included a record $3.3 billion in theatrical receipts—all without the help of Spider-Man. Pascal drives creative success at Sony Pictures, while co-chair Michael Lynton takes care of the numbers. PRESIDENT, LILLY USA ELI LILLY 2006 RANK: 43 PAM NICHOLSON, 47 45 C0-CHAIR, SONY PICTURES ENTERTAINMENT; CHAIR OF THE MOTION PICTURE GROUP SONY 2006 RANK: 41 47 DEIRDRE CONNELLY, 47 42 LIZ SMITH, 44 A 14-year veteran of Kraft Foods, where Irene Rosenfeld (No. 5) was a mentor, Smith has risen quickly at Avon. After joining as a top marketer in 2005, she took over North American operations and in September became president. Her new duties include the global supply chain and information technology. Gaining fans around the company, she has a good shot at succeeding Andrea Jung as CEO. 46 AMY PASCAL, 49 MELANIE HEALEY, 46 GROUP PRESIDENT, GLOBAL FEMININE AND HEALTH CARE PROCTER & GAMBLE NEW Feminine care is hardly glamorous, but Healey made her mark in it, launching Tampax Pearl (a premium tampon), Naturella (a sanitary pad for developing markets), and other products that have helped deliver doubledigit growth. With the recent addition of the $9 billion healthcare unit to her portfolio, Healey’s stock is rising. A Lilly lifer, Connelly is on everyone’s short list to be Big Pharma’s first woman CEO. Connelly got her current job in June 2005. With 2006 revenues of $8.6 billion (up 10%), Lilly USA accounts for more than half of its parent’s sales. Among the biggest growth drivers are Zyprexa, an antipsychotic that could reach $5 billion in sales this year, and Cymbalta, an antidepressant. 48 JAN FIELDS, 52 EVP AND COO MCDONALD’S USA MCDONALD’S NEW Fields, a former crew member, oversees the operations of 14,000 U.S. restaurants. In 2006 the U.S. rang up $7.5 billion in revenue, about a third of McDonald’s total, and had the best profit margin (19.1%) of any region. MOST POWERFUL WOMEN MOST POWERFUL WOMEN BY THE NUMBERS BY THE NUMBERS 50 WOMEN TO WATCHCATHIE LESJAK, 48 49 JULIA STEWART, 52 CHAIRMAN AND CEO IHOP PAY AND PERFORMANCE NEW After the acquisiApplebee’s, Four on tion the of way up. where Stewart once headed the U.S. division, she will helm the nation’s largest casual-dining chain. Systemwide sales are expected to reach about $7 billion this year. Since becoming CEO in 2002, Stewart has shored up IHOP’s finances. Wall Street likes Stewart, and likes the merger too—the stock is up 40%. EVP AND CFO HEWLETT-PACKARD NEW After 20 years at HewlettPackard, Lesjak won the top finance position last December. One of nine executive VPs who steer HP, Lesjak has been key to CEO Mark Hurd’s financially disciplined turnaround. The stock is up 40% in the past year. The ten highest-paid women, in order of total shareholder return (TSR). Circles show total compensation; numbers on vertical axis show TSR. Zoe Cruz (16) $30.0 MILLION Co-President Morgan Stanley +50% Ann Livermore (13) $11.8 MILLION EVP, Tech. Solutions Group Hewlett-Packard Susan Ivey (24) $10.7 MILLION Chairman, R.J. Reynolds Tobacco Chairman, President, and CEO Reynolds American +40% Pat Woertz (6) $10.7 MILLION Chairman, CEO, and President Archer Daniels Midland Irene Rosenfeld (5) $19.2 MILLION +30% Chairman and CEO Kraft Foods Christina Gold $16.5 MILLION CEO and President Western Union WOMEN TO WATCH Andrea Jung (9) $10.7 MILLION Four on the way up. SHARI BALLARD, 41 DEBORAH WAHL MEYER, 44 EVP, Entertainment, Multichannel, and Human Capital BEST BUY Starting as an assistant store manager in 1993, Ballard has risen steadily. Credited with reducing employee turnover, she also oversees the U.S. websites and call centers. VP and Chief Marketing Officer CHRYSLER Meyer made her name marketing Lexus in the U.S.; now Chrysler wants her to work the same magic with the Chrysler, Dodge, and Jeep brands. LAUNI SKINNER, 43 President, U.S. Division STARBUCKS The most senior woman at the coffee retailer, she’s the first female to run its largest operating unit. The U.S. accounts for 79% of the company’s $7.8 billion in revenues. ERIN CALLAN, 41 CFO LEHMAN BROTHERS A cop’s daughter who was a lawyer before she turned to banking, Callan is the first woman on Lehman’s executive committee. +20% Chairman and CEO Avon Products Paula Reynolds $13.9 MILLION CEO and President Safeco +10% KEY 2006 COMPENSATION Circles are scaled to size of compensation. 0 CHANGE IN TOTAL SHAREHOLDER RETURN, 2006 (1) Rank on FORTUNE’s Most Powerful Women list Entries in gray are not on list. –10% LIST DROPOUTS –20% Staying on top is not easy. BUMPED 2006 RANK 28 MARTHA STEWART Founder, Martha Stewart Living Omnimedia 32 PAT CURRAN EVP, Store Operations, Wal-Mart Stores 36 DOREEN TOBEN CFO, Verizon 40 PAULA REYNOLDS CEO and President, Safeco 47 NANCY PERETSMAN EVP and Managing Director Allen & Co. 48 DIANE GULYAS Group VP, DuPont 49 CHRISTINA GOLD CEO, Western Union 50 STACEY SNIDER CEO, DreamWorks SKG FIRED 46 CATHERINE WEST EVP and COO, J.C. Penney LEFT THE COMPANY Meg Whitman (3) $11.1 MILLION 24 President and CEO eBay LOIS QUAM CEO, Ovations, UnitedHealth Group 31 MARY MINNICK Susan Decker (20) $25.0 MILLION –30% President Yahoo EVP, Coca-Cola 44 ELLYN MCCOLGAN President, Distribution and Operations, Fidelity Investments 45 CLAIRE WATTS EVP, Wal-Mart Stores –40% Compensation data are for companies with more than $1 billion in revenue that filed proxies as of Sept. 1. Total compensation includes: annualized base salary, discretionary bonus, incentive plans, grant date present value of options awards and stock awards, and other compensation as disclosed in proxies. CHART SOURCES: EQUILAR (COMPANY PERFORMANCE DATA); BLOOMBERG (TOTAL RETURN DATA) PRODUCED EXCLUSIVELY BY FORTUNE CUSTOM REPRINTS. ©2007 TIME INC. ALL RIGHTS RESERVED.