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. By Katie Benner, Eugenia Levenson, and Rupali Arora |  |  |  | 42 of 50 | 42. Liz Smith 2006 rank: New
Age: 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.
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