26. John Fleming

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AD BUDGET: $841.4 million

AGENCIES INCLUDE: Omnicom's GSD&M, Austin, Texas. Bernstein-Rein, Kansas City, Mo. Lopez Negrete Communications, Houston.

POWER PLAY: As CMO of the world's largest retailer and manager of the biggest marketing budget ever at Wal-Mart, John Fleming, 46, is making some major changes after less than a year on the job. The rollback man is gone from ads, as is the retailer's much-derided "Real People" campaign. In a bow to his former employer, Target Corp., Mr. Fleming instead has taken a more stylized approach that touts brands and merchandise first.

DOWNSIDE: So far, Mr. Fleming's stated aim to get back to the product and the brand seems to be helping Wal-Mart hold its ground, but a more ambitious strategy change may be needed. The true measure of Mr. Fleming's marketing shift will be whether it delivers in sales.