Category Archives: Business & Finance

Jews in the World of Business and Finance

Jew of the Week: Irene Rosenfeld

Irene Rosenfeld

Irene Blecker Rosenfeld (b. 1953) was born in New York to a Jewish family of Romanian and German descent. She studied psychology at Cornell, then earned a Master’s in business, followed by a Ph.D. in marketing. Soon after, she got a job with an ad agency in New York, then worked in consumer research for General Foods, the company famous for its cereals, Jell-O, and Maxwell House coffee (and now owned by Altria Group Inc., formerly known as Philip Morris). In 2004, Rosenfeld was elected CEO of Frito-Lay, the company that makes Cheetos, Doritos, Tostitos, Lay’s, and Ruffles. During her successful tenure, she shifted the focus of the company towards healthier ingredients and products. Two years later, she moved on to become CEO of Kraft Foods (also owned by Altria). After overseeing a great deal of growth within Kraft, including the acquisition of Cadbury, the largest confectioner in the UK, Rosenfeld engineered the company’s split into two new corporations. She remained as chairwoman and CEO of the snacks division, now known as Mondelez International. This new multi-billion dollar company employs over 100,000 people globally, and makes popular foods like Oreos, Chips Ahoy!, Peek Freans, Toblerone, Halls, Ritz, and both Trident and Dentyne gums. Not surprisingly, Rosenfeld has been ranked by Forbes among the world’s most powerful women on multiple occasions. She currently lives in a Chicago suburb, where she is a central member of the local Reform synagogue. Rosenfeld is a noted philanthropist, too, known for discretely donating large sums of money to hospitals, schools, and other institutions. She is also an avid basketball player, tennis player, and rollerblader.

Today is the 3rd Day of Sukkot. Chag Sameach!

Words of the Week

Just as it is incumbent upon every Jew to put on tefillin every day, so is there an unequivocal duty which rests upon every individual, from the greatest scholar to the most simple of folk, to set aside a half-hour each day in which to think about the education of his children.
– Rabbi Sholom DovBer Schneersohn, the 5th Lubavitcher Rebbe

Jew of the Week: Janet Yellen

Janet Yellen

Janet Louise Yellen (b. 1946) was born to a Jewish family of Polish descent in Brooklyn. Though initially interested in studying math, science, and philosophy, she ended up majoring in economics, and eventually earned a Ph.D in economics from Yale. She went on to teach economics at Harvard, The London School of Economics and Political Science, and UC Berkeley. In 1997, Yellen chaired President Clinton’s Council of Economics Advisers. Between 2004 and 2010 she was president and CEO of the Federal Reserve Bank of San Francisco, and following that, the vice-chair of the US Federal Reserve. Last year, she became the Fed’s chairwoman, the first woman in history to hold that position. Yellen has been described as a “dove” in economics, focusing on relieving unemployment and keeping inflation in check. She has been hailed for redefining the Federal Reserve, and has stated her objective as helping “Main Street, not Wall Street”. In 2014, Forbes ranked her the second most powerful woman in the world, and more recently the 6th most powerful person on the planet.

Words of the Week

In this world there is no beauty without ugliness, no joy without sorrow, no pleasure without pain. You cannot invent a thing that will provide benefit without threat of harm. Neither is there a human on this earth who does only good without fault… Therefore, do not reject any thing for the harm it may render, nor despise any man for the ugliness you find within him. Rather, use each thing towards the purpose for which God conceived it, and learn from each person all the good they have to offer.
– Tzvi Freeman, based on the teachings of the Lubavitcher Rebbe

Jews of the Week: Doris and Donald Fisher

The Gap

Doris and Donald Fisher

Donald George Fisher (1928-2009) was born in San Francisco to a middle-class Jewish family. Soon after graduating with a business degree from UC Berkeley, he married Stanford graduate Doris Feigenbaum (b. 1932), one of the first women to be granted a degree in economics. In 1969, Donald had a hard time finding a good pair of jeans, and decided to open up his own clothing store where shopping would be both easy and cool. His idea was to sell jeans and music, and he wanted to call his store ‘Pants and Discs’. His wife suggested to call it ‘the Gap’ (short for “generation gap”). The couple raised $63,000 and opened their first store in San Francisco, selling Levi’s jeans and music records. An instant hit with young people, they made $2 million in their first year alone. By 1973, they had expanded their merchandise, opened up 25 stores, and went public. In the 80’s, the company bought out other brands like Banana Republic, and started a new value store, Old Navy. The Fishers are credited with inventing the “specialty retail” store concept, and Gap remains the largest specialty retailer in the US. It now has nearly 3700 stores in 90 countries, with over 150,000 employees. Donald and Doris maintained tight control of the company for four decades. In 2009, Donald sadly passed away after a battle with cancer. That same year, Doris stepped down as director of the company. She has since served as a director of Stanford University, is still the major shareholder in Gap, and has a net worth of over $3 billion. She has been ranked third in Forbes’ list of America’s Self-Made Women. More importantly, the Fishers are noted philanthropists, with their foundation donating over $20 million each year to educational organizations like Teach for America and KIPP (‘Knowledge is Power Program’), which directly benefits over 32,000 low-income children. The Fisher family are members of Congregation Emanu-El, one of California’s oldest synagogues.

Words of the Week

Age is an issue of mind over matter. If you don’t mind, it doesn’t matter.
– Mark Twain