Kraft boss ousts Pepsi chief

Kraft Foods boss Irene Rosenfeld is the most powerful woman in US business, Fortune magazine said, bumping PepsiCo chief Indra Nooyi into second spot after five years on top.

The 14th annual ranking was determined by the size and importance of the woman's business in the global economy, the health and direction of the business, the arc of the woman's career and her social and cultural relevance.

"Rosenfeld made a big show of power this year with her decision to split Kraft into two companies - a reversal of her previous strategy of expanding through acquisitions," Fortune magazine said of the Kraft CEO, who led a hostile $18-billion takeover of Britain's Cadbury last year.

"On Nooyi's watch, PepsiCo has forged further into nutrition-focused products," Fortune said.

"But Nooyi has been criticised for taking her eye off the core North American soda business, which has lost share to Coke."

Nooyi was the only woman in the top 10 most powerful women to be among the top 10 highest paid, coming in at No 9 after earning $14-million last year. The highest paid woman was Oracle president Safra Catz with $42-million.

Just a week after being appointed CEO of Hewlett-Packard, Meg Whitman - who was CEO of eBay - returned to the ranking of the top 50 most powerful business women at No 9.

"While her ascent to the role is a sure sign of her power, it remains to be seen if she can fix the computer maker and bring order to its dysfunctional board," Fortune said.

Whitman filled a top 10 vacancy left by the firing over the phone last month of Yahoo chief Carol Bartz, who has now dropped off the Fortune list.

Media mogul Oprah Winfrey fell 10 spots to No 16. Fortune said her influence had waned after hosting the final season of her TV show in May.

Sherilyn McCoy, Johnson & Johnson's vice-chairman, filled that top 10 opening, coming in at the 10th spot.

Archer Daniels Midland CEO Patricia Woertz came in at No 3, and she was followed by DuPont CEO Ellen Kullman, Wellpoint CEO Angela Braly and Avon Products CEO Andrea Jung.