Fortune 500 Women CEOs

The good news: Irene Rosenfeld, who became CEO in June 2006, finally gets to call the shots at Kraft after it spun off from Altria (which owns Philip Morris) last year. The bad news? That independence means she has to deliver digestible numbers at a time when dairy prices pressure sales of some key products, such as Kraft Singles and Philadelphia Cream Cheese. Even kid favorites--Oreos cookies and Oscar Mayer cold cuts--are seeing more shelf-time than lunchboxes.

But Rosenfeld is hoping to regain both lunch time and Wall Street popularity with a three-year growth plan, which calls for job cuts, innovating current products, and even unloading some product lines. Corporate buyers have already lightened Kraft's load: Sunny Delight Beverages Co. acquired Veryfine juices and Ralcorp Holdings snapped up Post Cereals.

NEXT: Carol Meyrowitz