Carlos M. Gutierrez, chairman and CEO of Kellogg Co., is a brave man. He defied the stock market late last year, telling investors that double-digit earnings growth was "overly ambitious." Instead, he said he was "targeting mid-single-digit growth over the next several years."

Many a CEO would have been guillotined for that, and in fact, Kellogg's stock immediately plunged 5%. But sofar at least, Gutierrez still has his job.

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