MEG WHITMAN TOPS FORTUNE’S LIST OF 50 MOST POWERFUL WOMEN IN BUSINESS FOR SECOND YEAR IN A ROW

Martha Stewart returns after one-year absence; Carly Fiorina drops off list


New York, October 31, 2005—For the second year in a row, FORTUNE names Meg Whitman, CEO of eBay, to the No. 1 spot on the annual list of the 50 Most Powerful Women in Business. Carly Fiorina, who long held the No. 1 spot, and who was No. 2 last year, drops off the list after leaving Hewlett-Packard, while Martha Stewart, off the list last year, returns at No. 21. Rounding out the top ten are Anne Mulcahy, Chairman and CEO, Xerox (No. 2); Brenda Barnes, President and CEO, Sara Lee (No. 3); Oprah Winfrey, Chairman, Harpo (No. 4); Andrea Jung, Chairman and CEO, Avon (No. 5); Pat Woertz, EVP, Global Downstream, Chevron (No. 6); Sallie Krawcheck, CFO, Head of Strategy, Citigroup (No. 7); Abigail Johnson, President, Fidelity Employer Services, Fidelity (No. 8); Karen Katen, Vice Chairman, President of Human Health, Pfizer (No. 9); and Judy McGrath, Chairman and CEO, MTV Networks (No. 10). FORTUNE ranked the women based on four criteria: the size and importance of the company; clout; career trajectory; and cultural and social impact. The complete list and accompanying stories appear in the November 14 issue of FORTUNE, available on newsstands November 7 and at www.fortune.com on October 31.

How did Meg Whitman retain the No. 1 spot? “The empress of eBay still rules Silicon Valley,” according to FORTUNE writers Jia Lynn Yang and Eugenia Levenson. “Though the stock has had a tough year, down about 30%, revenues and profits are strong. To keep eBay expanding—it now has 68 million active users—Whitman has gone shopping, buying seven new businesses for more than $1.3 billion. Up next: the controversial $2.6 billion acquisition of Skype.”

A dozen women fell off the list this year—a sign that the bar keeps getting higher. In addition to Fiorina, they are Marjorie Magner of Citigroup (No. 5 last year, retired); Myrtle Potter of Genentech (No. 23 last year, retired); Gail Berman of News Corp. (No. 25 last year, changed jobs); Sherry Lansing of Paramount (No. 27 last year, retired); Janet Robinson of New York Times Co. (No. 34 last year, company struggling); Judy Lewent of Merck (No. 35 last year, company is really struggling); Vanessa Castagna of J.C. Penney (No. 40 last year, changed jobs); Deb Henretta of P&G (No. 41 last year, bumped); Marilyn Carlson Nelson of Carlson Cos. (No. 46 last year, bumped); Jenny Ming of Old Navy (No. 47 last year, bumped); and Carol Kovac of IBM (No. 50 last year, bumped).

New arrivals to the 2005 list include: Ginni Rometty, IBM (No. 15); Charlene Begley, GE (No. 20); Mary Minnick, Coca-Cola (No. 30); Carol Bartz, Autodesk (No. 31); Dawn Hudson, Pepsi-Cola (No. 41); Ellen Kullman, DuPont (No. 46); Ellyn McColgan, Fidelity (No. 45); Barbara DeSoer, Bank of America (No. 47); and Kathy Cassidy, GE (No. 50). In addition to Martha Stewart, two women who had previously been on the list but dropped off return: Carrie Cox of Schering-Plough (No. 37); and Safra Catz of Oracle (No. 49).

In related stories, editor-at-large Patricia Sellers tells the inside story of how the unsinkable Martha Stewart staged her comeback—transforming her board, remaking public opinion, and invading prime time (“Remodeling Martha”); senior writer Bethany McLean reports from the front lines of one of the toughest businesses for women to crack: the hedge fund industry (“Where the Girls Aren’t”); reporter Jia Lynn Yang looks at why, after spending the better part of a lifetime getting to the top, some women choose to chuck it (“Goodbye to All That”); senior writer Janet Guyon asks if, now that they are on the move, women will bring a different style of decision making to the boardroom (“The Art of the Decision”); and reporter Eugenia Levenson salutes the highfliers with some facts that will inspire and amuse (“Hall of Fame”).

FORTUNE also publishes an international Power 50 list, comprised of women who have an operating role in for-profit businesses outside the U.S. In order, the top ten are: Anne Lauvergeon, Chairman, Areva (France); Xie Qihua, Chairman, Shanghai Baosteel Group (China); Marjorie Scardino, CEO, Pearson (Britain); Linda Cook, Executive Director, Gas & Power, Royal Dutch Shell (The Netherlands); Tomoyo Nonaka, Chairman and CEO, Sanyo Electric (Japan); Marina Berlusconi, Chairman, Fininvest (Italy); Nancy McKinstry, Chairman and CEO, Wolters Kluwer (The Netherlands); Ana Botín, Executive Chairman, Banco Banesto (Spain); Mary Ma, CFO, Lenovo (China); Fumiko Hayashi, Chairman and CEO, Daiei (Japan).

The publication of the list coincides with FORTUNE’s annual Most Powerful Women Summit, the premier gathering of women leaders in business, government, academia, philanthropy, and the arts. The event—which is by invitation only—takes place in Pasadena, Calif. from November 7 thru November 9, and provides a unique opportunity for influential women to come together to interact, debate and learn. The diverse program facilitates energetic and engaging conversation.
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