Dive Brief:
- Fortune’s latest ranking of the nation’s Most Powerful Women includes three food industry executives, according to the magazine.
- Returning honorees include PepsiCo’s Indra Nooyi at #2 and Campbell Soup’s Denise Morrison at #31.
- A newcomer at #45 is Hershey’s Michelle Buck, who made the list after just taking the company helm in March.
Dive Insight:
Consumer tastes and related spending are shifting away from processed, packaged and sugar-laden foods toward more healthful and "clean" alternatives. Big Food has been losing the innovation game to smaller food startups that can more easily satisfy consumer demand for interesting, unique and healthy offerings. Generally speaking, growth has been elusive and performance mediocre. But three female CPG executives are helping push the industry’s boundaries.
Retaining her #2 position, Chairman and CEO of PepsiCo Indra Nooyi led the company to outstanding profit performance in 2016. Nooyi's efforts to introduce new health-based products to the company's portfolio, as well as reformulate existing snacks and beverages to be better-for-you, have helped the company thrive despite the soda industry's struggles. On top of reducing sugar in its popular beverages, recent PepsiCo efforts have included the acquisition of kombucha maker KeVita, the debut of Tropicana Essentials Probiotics and the rollout of organic Gatorade.
Denise Morrison, president and CEO of Campbell's Soup, was honored at #31. Morrison is credited with spearheading the food maker’s aggressive change in its product portfolio to include a wider variety of healthier, better-for-you brands. The company has been on the acquisition trail, purchasing five companies in the last six years — including Bolthouse Farms, Plum Organics, Garden Fresh Gourmet, and most recently, Pacific Foods. Still, Campbell's Soup has yet to turn the corner and find renewed growth.
Michelle Buck, president and CEO of Hershey, is a newcomer to Fortune's list. She is not new to innovative success. Ranked #45, Buck has been integral to a number of growth initiatives in her 12-year tenure, including switching the company from a supply-driven to demand-driven business model, and overseeing the company’s Krave and barkTHINS acquisitions. In a quest to become a "snacking powerhouse," Hershey recently launched in-house creation Popwell, a healthy spin on classic popcorn. This is part of Buck's push to move the candy maker beyond chocolate. Product innovations and cost-cutting measures are also helping boost company sales and earnings.