Novakovic walked into a tough job when became CEO in January. Some recent acquisitions have disappointed, and defense spending is declining. The new CEO has responded by cutting costs. (A bright spot: General Dynamics' Gulfstream jet business.)
The Most Powerful Women in Business list is compiled by FORTUNE editors, who consider four criteria: the size and importance of the woman's business in the global economy, the health and direction of the business, the arc of the woman's career (resume and runway ahead), and social and cultural influence.