5. Irene Rosenfeld
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.