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FORTUNE Magazine masthead DECEMBER 26, 1994 VOL. 130, NO. 13
By

(FORTUNE Magazine) – EDITOR-IN-CHIEF Jason McManus EDITORIAL DIRECTOR Henry Muller EDITOR OF NEW MEDIA Walter Isaacson

TIME INC. CHAIRMAN Reginald K. Brack Jr. PRESIDENT, CEO Don Logan Founder Henry R. Luce,

MANAGING EDITOR Walter Kiechel III EXECUTIVE EDITORS Allan T. Demaree, John Huey ASSISTANT MANAGING EDITOR Geoffrey Colvin GENERAL EDITOR Donald D. Holt ART DIRECTOR Margery Peters PICTURE EDITOR Michele F. McNally PRODUCTION DIRECTOR Guy Gleysteen BOARD OF EDITORS Vivian Brownstein, Charles G. Burck, Gene Bylinsky, Julie Connelly, John J. Curran, Ann Reilly Dowd (Washington), Brian Dumaine, Edmund Faltermayer, Susan Fraker, Richard I. Kirkland Jr., Louis Kraar, Kenneth Labich, Colin Leinster, Carol Junge Loomis, Peter Nulty, Brian O'Reilly, Peter Petre, Carla Rapoport (European editor), Bill Saporito, Brenton R. Schlender (San Mateo), Stratford Sherman, Lee Smith, Thomas A. Stewart, Alex Taylor III, Shawn Tully EDITOR-AT-LARGE Marshall Loeb CHIEF OF REPORTERS Rosalind Klein Berlin STATISTICS EDITOR Catherine Comes Haight SENIOR WRITER Timothy K. Smith ASSOCIATE EDITORS Kate Ballen, Susan Caminiti, Alan Deutschman (Silicon Valley), Alan Farnham, Jaclyn Fierman, Anne B. Fisher, Jane Furth, Ronald Henkoff (Chicago), Richard D. Hylton (San Francisco), Rahul Jacob, David Kirkpatrick, Susan E. Kuhn, Andrew Kupfer, Alicia Hills Moore, Rob Norton (Washington), Terence P. Par, Faye Rice, Louis S. Richman, Lenore Schiff, Patricia Sellers, Andrew E. Serwer, Joseph Spiers, Wilton Woods CONTRIBUTING EDITOR Daniel Seligman CONTRIBUTING CORRESPONDENT William Echikson (Paris) WRITER-REPORTERS Stephanie Losee, Alison L. Sprout, Richard S. Teitelbaum, Rick Tetzeli REPORTERS James Aley, Joyce E. Davis, Patty de Llosa, Jacqueline M. Graves, Ani Hadjian, Cindy Kano (Tokyo), John Labate, Ronald B. Lieber, Justin Martin, Thomas J. Martin, Joe McGowan, Antony J. Michels, Rajiv M. Rao, Kimberly Seals McDonald, Erick Schonfeld, Ricardo Sookdeo, Tricia Welsh, John Wyatt ART STAFF Joan Hoffman, Renee Klein, Leo F. McCarthy (associate directors), Roberto Dominguez, Linda Eckstein, Frances Fifield, Jean Held, Maria Keehan, Nai Lee Lum, Tony Mikolajczyk, Barbara R. Smyth (designers) PHOTOGRAPHY Eric Godwin, William Nabers (assistant picture editors), Julie B. Ades, Maureen Duffy Benziger, Alix Colow, James M. Tarrant EDITORIAL OPERATIONS Donald G. Biglands (director), Carol Gwinn (copy chief), Charles Blackwell (deputy), David Sloan (operations chief), Charles J. Attardi, Leslie Brenner, Jonathan Brown, Edith Firoozi Fried, Alfred Graham, Frances Owles, David V. Rile, Mary Alice Rudovsky, Dennis Williams TECHNOLOGY Christopher E. Green (manager), Steven Berretta (system administrator), Jeffrey W. Fulton (Network Administrator) IMAGING Richard J. Sheridan (manager), John F. Carnesi, William Giersbach, Kyle Hislip, Angel A. Mass, Janet Miller, Stanley E. Moyse, Richard K. Prue, Kate Sullivan, Paul Tupay PRODUCTION Mark R. Glatzhofer, Enid D. Silverman, Michele R. Smith (managers), Eileen M. O'Sullivan (assistant manager), Renison L. Telford (coordinator) EDITORIAL ASSISTANTS Carolyn Sampson (coordinator), Anne B. Faircloth, Kelly Gallagher, Diane Hendrix-Colley, Kerry L. Hubert, Gita Mehta, Deborah L. Morris, Lixandra Urresta

TIME INC. EDITORIAL OPERATIONS Sheldon Czapnik (director), Hanns Kohl (photo lab), Lany W. McDonald (library), Beth Bencini Zarcone (picture collection), Dennis Chesnel (editorial technology)

GROUP PUBLISHER Michael Pepe PUBLISHER Stuart Arnold ASSOCIATE PUBLISHER, INTERNATIONAL Susan F. Sachs CONSUMER MARKETING DIRECTOR Brian D. Wolfe FORTUNE ENTERPRISES DIRECTOR John S. Needham FINANCIAL DIRECTOR Eileen Naughton REGIONAL ADVERTISING DIRECTORS Geoffrey Dodge, Robert J. Maund ADVERTISING BUSINESS MANAGER Christopher J. Poleway COMMUNICATIONS AND MARKETING DIRECTOR Leslie Gaines-Ross PUBLIC AFFAIRS DIRECTOR Emma Clurman

- Published biweekly, except for two issues combined into one at year-end, by Time Inc. Principal office: Time & Life Building, Rockefeller Center, New York, N.Y. 10020-1393. Reginald K. Brack Jr., Chairman; Don Logan, President; Joseph A. Ripp, Treasurer; Harry M. Johnston, Secretary. Subscriptions: U.S., possessions: one year (26 issues) $57.00; Canada: one year (26 issues) $65.00. Second-class postage paid at New York, N.Y., and at additional mailing offices. Authorized as second-class mail by the Post Office Dept., Ottawa, Canada, and for payment of postage in cash. Member, Audit Bureau of Circulations. POSTMASTER: Send address changes to FORTUNE, P.O. Box 30604, Tampa, Fla. 33630-0604. Customer inquiries: FORTUNE, P.O. Box 60001, Tampa, Fla. 33660-0001. Phone: 1-800-621-8000. (c) 1994. Time Inc. All rights reserved. FORTUNE is a registered mark of Time Inc.For subscription queries, call Customer Service at 1-800-621-8000. Time Inc. GST R122781974 For reprint information, call 212-522-2582 (minimum order 1,000)