After five years on top, PepsiCo's Indian American chairman and CEO Indra Nooyi has been pushed to the second spot as most powerful woman in US business by Kraft's CEO, Irene Rosenfeld.
Nooyi was the only woman in the top 10 most powerful to be among the top 10 highest paid, coming in at No. 9 after earning $14 million last year, according to the 14th annual ranking by Fortune, published Friday.
"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."
The ranking was determined by the "size and importance" of the woman's business in the global economy, in addition to the health and direction of the business, and her social and cultural relevance, the US magazine said.
According to Fortune, Rosenfeld, 58, 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, such as the 2010 purchase of Cadbury. She plans to remain CEO until the deal's expected close in 2012.
The highest paid woman on the list was Oracle's President and Chief Financial Officer Safra Catz, raking in $42 million in total compensation last year.
Media mogul Oprah Winfrey fell 10 spots to No. 16 with Fortune saying her influence had waned after hosting the final season of "The Oprah Winfrey Show" in May.
Johnson & Johnson Vice Chairman, Executive Committee, Sherilyn McCoy, filled that top 10 opening, coming in at the 10th spot.
Archer Daniels Midland Chief Executive Patricia Woertz came in at No. 3, followed by DuPont Chief Executive Ellen Kullman, Wellpoint Chief Executive Angela Braly and Avon Products Chief Executive Andrea Jung.
Rounding out the top 10 was IBM Senior Vice President Ginni Rometty at No. 7, followed by Xerox Chief Executive Ursula Burns.