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Forbes is out with its annual list of the World’s Most Powerful Women, concluding that two CPG company CEOs - Irene Rosenfeld of Kraft Foods and Indra Nooyi of PepsiCo - are in the top 10.

The ranking “reflects the New Order of now, the story says. “When we set out to identify this year's list, we decided it was time to look up and out into the broader culture. Our assessment is based less on traditional titles and roles and more on creative influence and entrepreneurship. These power women have built distinctive companies and brands and championed weighty causes, sometimes through unconventional means; in other cases they have broken through gender barriers.”

The top 10:

• Michelle Obama, First Lady of the United States
• Irene Rosenfeld, CEO, Kraft Foods
• Oprah Winfrey, media mogul and talk show host
• Angela Merkel, Chancellor of Germany
• Hillary Clinton, US Secretary of State
• Indra Nooyi, CEO, PepsiCo
• Lady Gaga, singer/performance artist
• Gail Kelly, CEO, Westpac
• Beyonce Knowles, singer
• Ellen DeGeneres, talk show host
KC's View:
I’m sure that in putting together this list, the folks at Forbes were focused on generating debate and discussion. That’s the only reason, in my view, that Lady Gaga ends up at number seven...and Sarah Palin is number 16. (On the other hand, maybe that’s a US-centric view...)