(FORTUNE Magazine) – EXECUTIVE LIFE/Cover Story 38 IS YOUR CAREER ON TRACK? Forget the old rules. Promotions are coming more slowly. Lateral moves are in. (You can chalk it up to that clomping herd of baby-boomers again.) But if you're trying for the very top, you still need to stick close to the P&L. by David Kirkpatrick

44 RISING AT PITNEY

MANAGING 53 'THE UNITED JOB IS HISTORY-MAKING' Gerald Greenwald talks about why he left Chrysler, the challenge ahead at United Airlines, and the difficulties of saying goodbye to Lee.

55 AFTER THE DEPARTURE AT CHRYSLER . . . The former vice chairman plays down Chrysler's problems. Impartial observers think he quit at the right time. by Alex Taylor III

57 . . . NO SOFT LANDING AT UNITED Once the leading carrier, it must quiet warring unions and recapture market share, even under a ton of debt. by Kenneth Labich

AUTOS 58 HERE COME THE HOT NEW LUXURY CARS Japanese upstarts like Acura, Lexus, and Infiniti are pressing Mercedes and BMW and taking aim at Cadillac and Lincoln. by Alex Taylor III

MONEY & MARKETS 66 WHO'S WINNING THE CREDIT CARD WAR You are. It's hard to find a more lucrative business, but new players are forcing the industry to give consumers more for less. by Bill Saporito

TECHNOLOGY 72 TURNING R&D INTO REAL PRODUCTS That has been America's weakness. But Hewlett-Packard, Du Pont, and other innovators are transforming discoveries into dollars. by Gene Bylinsky

INNOVATION 78 PRODUCTS TO WATCH

EUROPE 80 DOING BUSINESS IN ONE GERMANY The task of putting together two disparate economies will be daunting, but when it's completed, Western companies with the right strategy can share in the payoff. by Shawn Tully

ENVIRONMENT 86 DO YOU WORK IN A SICK BUILDING? The environmental movement is headed into America's offices as employees become increasingly vocal about the hazards of indoor pollution. They have reason to be concerned. by Faye Rice

POLITICS & POLICY/CEO POLL 89 A BRIGHT FUTURE FOR CONSERVATISM American CEOs describe themselves as a pretty right-thinking group, and most of them believe the country is trending their way. One reason: the graying of the baby boom. by Susan Caminiti

CORPORATE PERFORMANCE 93 COMPANIES TO WATCH

COMPETITION 94 THE BIG JAPANESE PUSH INTO EUROPE They're buying companies, building plants, and bearing down on competitors. U.S. multinationals will have to shake a leg. by Richard I. Kirkland Jr.

DEPARTMENTS 4 EDITOR'S DESK 8 INDEX 10 NEWS/TRENDS Investing in a long-term CEO, Trump's troubles, the U.S. scores in soccer's big sell, micromanagement in the air, making friends at the 5:01 Club, Japan's new battle of the sexes, and more.

17 FORTUNE FORECAST The current air of crisis surrounding the budget deficit is largely political, but it may well provide the incentive needed to get the U.S. back on the road to fiscal responsibility. by Mickey D. Levy

25 PERSONAL INVESTING A profitable approach to shopping for shares: targeting stocks that sport unusually good dividends compared with the past. by Andrew Evan Serwer

Also: Akzo -- an improved chemical stock at half-price; brokers put a new spin on mutual funds; and Portfolio Talk with David Elliman of Stillrock Management.

101 FORTUNE PEOPLE Ross Perot signs on at IBM again, a white knight who fires right, Bob Haldeman's Moscow comeback, a father passes the CEO ball to his son at Ogden, and more. by Mark M. Colodny

102 ON THE RISE

103 LETTERS TO FORTUNE

105 KEEPING UP Uneducated judges, the whole point of affirmative action, more great moments in safe sex, and other matters. by Daniel Seligman

ABOVE: Managers from Quaker Oats pose for Paul Elledge (Outline).

COVER: Some candidates for the top ranks of Pitney Bowes, photographed by John S. Abbott.