Cramer's 'Mad Money' Recap: Break Up to Make Up

"Seriously, these executives can't possibly support all their brands," Cramer said.

And in the case they don't split up, Cramer said he doesn't see much downside for Clorox or ConAgra anyway because they are "among the cheapest" of the packaged-goods companies, and we are in the midst of an economic slowdown, where both of these are good to own.

CEO Benefit of the Doubt

In part three of his new "Benefit of the Doubt" series, Cramer put Jim Sinegal, the CEO of Costco (COST Quote), on his BOD board.

A couple of weeks ago, people worried that the chief executive had lost his touch when the stock went down after Costco announced a stricter return policy. But now Cramer believes that the bad news is in the past, though the stock is still going down.

Cramer said he would give Sinegal the benefit of the doubt this time around.

Cramer also added Lawrence Montgomery, CEO of Kohl's (KSS Quote), to his BOD list and said that despite what people may think, the retailer has not "run out of gas."

Instead, Cramer believes that the company offers good merchandise in a clean environment, where it doesn't rip people off. Kohl's keeps getting hit because market players don't believe in Montgomery. But that is "ludicrous," Cramer said.

Investors don't have to buy it here at $75.75, he said. But once it comes in, they should get in.

Am I Diversified?

In his "Am I Diversified?" segment, a viewer named the following five stocks: IBM (IBM Quote), Apple (AAPL Quote), Boeing (BA Quote), Microsoft (MSFT Quote) and Sirius Satellite Radio (SIRI Quote).