In the low-growth and ultracompetitive world of packaged foods, maintaining an empire can be just as difficult as building one. In 1999, Kellogg Co., the $9 billion behemoth that makes Frosted Flakes and Froot Loops--plus other consumables like Pop-Tarts, Nutri-Grain bars and Eggo waffles--lost its first-place cereal market share to rival General Mills. Carlos Gutierrez, who became CEO that year, led a massive revamp of the company that restored sales, morale and the No. 1 position. But in November, Gutierrez was poached to take over the Commerce Department, leaving board member Jim Jenness at the helm of Kellogg. The question is...
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