Grilled cheese is the food of choice in an economic downturn-at least according to Irene Rosenfeld.
Rosenfeld, chair and chief executive officer of Kraft Foods, discussed cheese and many other topics at the USA Today CEO Forum Wednesday in Duke's Fuqua School of Busines.
USA Today columnist David Lieberman interviewed Rosenfeld for the forum in front of 200 people, mostly business school students. He asked Rosenfeld about everything from her take on biofuels to how Kraft has been affected by the economy to her favorite Kraft cookie-which is, incidentally, the Oreo.
Rosenfeld has been at Kraft since 1981, working her way up through the ranks before becoming CEO in June 2006 and chair in March 2007.
Lieberman asked the CEO about the "glass ceiling" for women in high positions of business, pointing out that Rosenfeld is one of only six female CEOs of Fortune 500 companies. Rosenfeld said she believes that officers in the field are beginning to recognize that women are "competent business people," too.
As the economy sours, people tend to eat more frequently at home, Rosenfeld said. She added that when people come home to eat, they "come home to Kraft."
"The food business is a good place to be in such a climate because people have to eat," she said. "People are eating grilled cheese a lot more."
Unlike most people who applaud President-elect Barack Obama's biofuel investment initiative, Rosenfeld is concerned. She said 40 percent of the food supply is being diverted for use in fuel, which is driving up the price of food without any real evidence of benefit to the environment.
Rosenfeld added that with Kraft's diverse assortment of food products-including Kool-Aid and DiGiorno-the company offers options for people who may not want to pay a lot for a meal.
"Our efforts are focusing more on snacks, quick meals and health and wellness than before," she said.
Lieberman steered the interview toward Kraft's specific corporate management strategies, asking about employee initiative programs and government plans to increase regulation of the food industry.
Rosenfeld explained the extent to which Kraft supports new ideas brought forward by employees. She mentioned one employee in particular, a practicing Muslim who drew up a business plan to show how halal products would be a viable option for Kraft. Now, she said, Kraft will be coming out with such a line.
The CEO stressed the need for corporate responsibility in advertising and a company's obligation to make healthy products.
"The onus is on the companies to ensure we are behaving in a responsible fashion," she said.
Speaking to a room full of people working toward their MBAs in the current economic recession, Rosenfeld also addressed the strength of the American MBA in an increasingly globalized business scene. She said knowing what you want and letting others know your goals is one of the most important lessons she has learned.
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