Wallace Rasmussen

Wallace Rasmussen (July 11, 1914 – September 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.

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". 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". When asked for a comment, Rasmussen told the Chicago Tribune "I'm dedicated to outshining the last management".

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".

Governor Lamar Alexander appointed Rasmussen chairman of the Tennessee Board of Corrections Commission where he served a period of three years. In 1996, he funded and established another studies abroad program, the Wallace N. Rasmussen Scholarship at North Central College in Naperville, Illinois.

Honors and awards Rasmussen's lifetime achievements were recognized when he was awarded a 1978 Horatio Alger Award, an honor bestowed upon outstanding Americans who, similar to characters in stories by Horatio Alger Jr., traditionally have started life in "humble circumstances" yet, "in spite of this early adversity, or many would say because of it, they have worked with great diligence to achieve success and the fulfillment of their dreams". Rasmussen received this award alongside other members of the Class of 1978 such as cosmetics tycoon Mary Kay Ash and baseball legend Hank Aaron.

In addition, he received the Golden Plate Award in 1977, from the American Academy of Achievement, a non-profit educational organization that recognizes "exemplars of excellence," the highest achievers in public service, business, science and exploration, sports and the arts. Rasmussen received this award along with such luminaries as renowned inventor R. Buckminster Fuller, music icon Stevie Wonder, legendary sportscaster Howard Cosell, and Pulitzer Prize-winning author Alex Haley.

Personal life and death On December 17, 1936, Rasmussen married Grace Irene Moreland (died 1993).

Writings and research In 1994, Rasmussen and journalist Mike Haggerty released The Headline vs. the Bottom Line: Mutual Distrust Between Business and the News Media. Deemed a "landmark study" by Choice Reviews, the book was cited by Christopher R. Martin in his book, Framed!: Labor and the Corporate Media, and Jay William Lorsch, Leslie Berlowitz and Andy Zelleke in their book, Restoring Trust in American Business. Based on interviews with more than 630 journalists and high level executives, the study was done while Rasmussen and Haggerty served as visiting professional scholars at the Freedom Forum First Amendment Center at Vanderbilt University.