Wallace Rasmussen (July 11, 1914September 21, 2008) was an American businessman and prominent philanthropist. Hired at Beatrice Foods Company in 1934 as an ice hauler, Rasmussen served as president and then chairman and chief executive officer of the former international food conglomerate, Beatrice, (now a part of ConAgra Foods) from 1976 until his retirement in 1980. Rasmussen rose to the top of the business with just a high school diploma.
Early life
Rasmussen was born in Lincoln, Nebraska, on July 11, 1914. He was born to Lars Berg Rasmussen, a Danish immigrant, and Millie Wallick and raised on a dairy farm.
Career
By the time Rasmussen graduated from high school at the age of 16, the Great Depression had ravaged the Rasmussen farm, leaving the family destitute. Working menial jobs, from delivering handbills door to door and cutting jigsaw puzzles to hiring himself out as a ranch hand, Rasmussen vowed that "if he ever landed work with a big company, he'd never let go of it."
In 1934, Rasmussen landed a job as an ice hauler for Beatrice Creamery Company, in Lincoln, Nebraska. He rose through the ranks, landing positions from chief engineer and plant manager to various district and regional supervisory posts. Rasmussen says he studied on his own, mastering each new job: "I only had a high school education, so I had to educate myself," he said. "Every time I got into something I might not know enough about, I'd go out and buy every book I could find on the subject."
By the 1960s, he had landed at company headquarters in Chicago, Illinois, serving in several vice presidential positions. In 1976, Rasmussen became president and CEO. In 1977, he was named chairman and CEO of Beatrice Foods Co, which, by this time, had become America's largest food processing company and a multi-billion-dollar business. During Rasmussen's tenure at Beatrice, he added many high-profile acquisitions to its portfolio, most notably the publicly-traded Tropicana Products, Inc., which was acquired for $490 million in cash and preferred stock." After 47 years with Beatrice, Rasmussen retired in 1980.
Reputation
Although a self-described "country boy," Rasmussen developed a reputation as a bold, tough, no-nonsense businessman, which spread in large part due to many media reports and his frequent stints as an interview subject of Pulitzer Prize-winning author and oral historian Studs Terkel, well known as a chronicler of the lives of ordinary Americans.
On the day he took over in 1976, Rasmussen told his predecessor, "I'm the chief executive, and I'm going to run things." Soon after, his "pugnacious style" and "aggressive leadership ushered in a series of boardroom brawls" resulting in the "resignation of his designated successor," whom The Wall Street Journal described as "outflanked and outmuscled." When asked for a comment, Rasmussen told the Chicago Tribune "I'm dedicated to outshining the last management."
Rasmussen's "pugnacious style" led him to make enemies and friends alike. Cal Turner, Jr., former CEO of Dollar General Corp., once said about Rasmussen: "If you're trying to go into battle and do the right thing, he's the guy you want by your side."
Described by oral historian Studs Terkel as "the boss." "the chief executive officer of the corporation," "big boned and heavy-set, with calloused hands," "bluff and genial" and having "the appearance of the archetypal elderly workingman in Sunday clothes." Rasmussen was prominently featured in several of his books, most notably American Dreams: Lost and Found (1980), My American Century (1997) and Hope Dies Last: Keeping the Faith in Difficult Times (2003).
When Forbes named Rasmussen one of the toughest CEOs in the US, during his tenure at Beatrice Foods, Rasmussen used one of Terkel's interviews as a platform from which to issue his public response: "Forbes was listing the toughest CEOs in the country, and I was in that article. They had me saying, 'Do unto others before they do unto you.' I don't know whether I should have been happy with that, but I was OK. You have to show strength. Any sign of weakness and people are going to take advantage of you."
Post-retirement
After his retirement from Beatrice, Rasmussen settled in Nashville, Tennessee, where he held seats on several corporate boards, including the boards of Dollar General, Clayton Homes, Shoney's and Commerce Union Bank.
Governor Lamar Alexander appointed Rasmussen chairman of the Tennessee Board of Corrections Commission where he served a period of three years.