(FORTUNE Magazine) – The empress of eBay still rules Silicon Valley. 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. (See the booklet later in this package for Whitman's take on the deal.)

1

MEG WHITMAN

Chairman and CEO

eBay

2004 rank: 1

Age: 49

Turn this page and open the foldout to see the list.

2

ANNE MULCAHY

Chairman and CEO

Xerox

2004 rank: 4

Age: 52

Mulcahy has proved an able turnaround CEO: Revenues lingered at $16 billion, but net income jumped 138%, to $859 million, in 2004. Next she'll tackle expanding the color-printing business with the help of deputy Ursula Burns (No. 48).

3

BRENDA BARNES

President and CEO

Sara Lee

2004 rank: 39

Age: 51

Barnes made the biggest leap up the list this year for good reason: She was promoted to CEO of this $19 billion corporation in February. To deal with Sara Lee's problems, Barnes plans to centralize operations and focus on core food and beverage brands.

4

OPRAH WINFREY

Chairman, Harpo

2004 rank: 6

Age: 51

Oprah's awesome cultural influence keeps waxing. Her talk show, in its 20th year, had more than nine million daily viewers last season. Her newest magazine, O at Home, is a hit. And she will shortly make her Broadway debut as a producer of The Color Purple.

5

ANDREA JUNG

Chairman and CEO, Avon

2004 rank: 3

Age: 47

There's nothing pretty about Avon's recent performance. Growth rates around the globe have slowed, and the stock hit a 30-month low in October. Avon has high hopes for the China market, but the competition will be fierce.

6

PAT WOERTZ

EVP, Global Downstream

Chevron

2004 rank: 9

Age: 52

The only woman on Chevron's executive committee, Woertz oversees half the $151 billion company. Her division, Global Downstream, includes everything that gets the oil from the well to the car; 2004 profits reached $3.2 billion.

7 SALLIE KRAWCHECK

CFO, Head of Strategy

Citigroup

2004 rank: 7

Age: 40

Krawcheck is the highest-ranking woman at the world's largest financial firm. Because the Fed banned the company indefinitely from "significant" mergers and acquisitions, she did some housekeeping instead, selling Citigroup's asset-management business to Legg Mason and Travelers Life & Annuity to MetLife.

8 ABIGAIL JOHNSON

President, Fidelity Employer Services, Fidelity

2004 rank: 8

Age: 43

Johnson is a leader in the effort to turn the trillion-dollar mutual fund company into a diversified financial services player. Since May, the very private heir apparent has been running the company's benefits business.

9 KAREN KATEN

Vice Chairman, President of Human Health

Pfizer

2004 rank: 10

Age: 56

Katen earned a promotion to head Pfizer's $46 billion Human Health division in February. The unit produces 88% of revenues for the world's biggest drugmaker, which is sickly. The stock price is less than half what it was five years ago, and patents for lucrative drugs like Zoloft will soon expire.

10 JUDY MCGRATH

Chairman and CEO, MTV Networks Viacom

2004 rank: 11

Age: 52

McGrath's channels, like Comedy Central, home of The Daily Show With Jon Stewart, wield unparalleled pop-culture clout. Estimated profit margins at MTV, her flagship channel--57% last year--are the envy of the industry.

11 INDRA NOOYI

President and CFO

PepsiCo

2004 rank: 12

Age: 49

Pepsi is feeling nothing but joy. In its most recent quarter, revenues jumped 13% over a year ago. The company is doing especially well with its noncarbonated beverages, including Gatorade, a brand that PepsiCo acquired in 2001.

12 CHRISTINE POON

Vice Chairman; Worldwide Chairman, Medicines & Nutritionals

Johnson & Johnson

2004 rank: 15

Age: 53

Most people associate Johnson & Johnson with things like baby shampoo and Band-Aids. But more than half the company's revenues come from its $24 billion pharmaceutical business. Poon, J&J's first female vice chairman, has run it since 2001. Last year revenues grew 13%.

13

ANN MOORE

Chairman and CEO

Time Inc.

2004 rank: 13

Age: 55

With three U.S. magazine kickoffs last year--All You, Cottage Living, and Life--Moore oversaw her first major launches since Real Simple in 2000. People and In Style are growing at a healthy clip. Though ad sales are down at titles like Time, Sports Illustrated, and, yes, FORTUNE, ad revenues--$3.2 billion through August--are up 2.5% from last year.

14

PAT RUSSO

Chairman and CEO

Lucent Technologies

2004 rank: 14

Age: 53

Lucent's wireless business is showing signs of life, with revenues up 30% last year. But the stock is stuck at $3. The nation's biggest telecom equipment maker has a long way to go before the word "turnaround" is on anyone's lips.

15

GINNI ROMETTY

SVP, Enterprise Business Services, IBM Global Services,IBM

New

Age: 48

These days Big Blue is less interested in selling mainframes than in hawking business services. As this transformation goes forward, Rometty is a key player to watch. She engineered the 2002 acquisition of PricewaterhouseCooper's consulting arm. And in July she became one of three people running IBM's biggest division, Global Services, which had 2004 revenues of $46 billion.

16

ANNE SWEENEY

Co-Chairman, Disney Media Networks; President, Disney-ABC Television

Walt Disney

2004 rank: 18

Age 47

Talk about an extreme makeover. Sweeney has been on the job for only 19 months, but she has taken fourth-place ABC and propelled it to early wins among viewers ages 18 to 49. Runaway hits like Lost and Desperate Housewives stuffed ABC's coffers with $2.7 billion worth of upfront ads, $600 million more than last year.

17

SUSAN ARNOLD

Vice Chairman, Global Beauty Care

Procter & Gamble

2004 rank: 20

Age: 51

Beauty queen at the (soon-to-be) world's largest consumer products company, Arnold runs one of P&G's faster-growing, higher-margin businesses. Revenues in her division rose 40% last year, to $17.1 billion, while profits reached $2.4 billion.

18

ANN LIVERMORE

EVP, Technology Solutions Group

Hewlett-Packard

2004 rank: 22

Age: 47

Considered a loyal lieutenant to former CEO Carly Fiorina, Livermore has stayed in the same job under new CEO Mark Hurd. She runs a $29.8 billion business that includes storage, servers, software, and services. Thanks to strong third-quarter sales, operating profits were $405 million for the first three quarters, vs. $61 million over the same period last year.

19

ZOE CRUZ

Acting President

Morgan Stanley

2004 rank: 16

Age: 50

In a topsy-turvy year, Cruz demonstrated staying power. An ally of Phil Purcell, who named her co-president in March, she stayed on when he went out and her former mentor, John Mack, came in. She lost her board seat, but Mack said he's keeping the "Cruz missile" in his arsenal even as he considers naming someone to share the presidency.

20

CHARLENE BEGLEY

CEO and President, Plastics, General Electric

New

Age: 39

Jeff Immelt and Jack Welch both cut their teeth running plastics; now it's Begley's turn. In July she became head of the $7 billion unit--and the first woman in GE's history to be a senior VP.

21

MARTHA STEWART

Founder

Martha Stewart Living Omnimedia

Return

Age: 64

Her title doesn't begin to hint at her command. By revamping her board, installing new management, and doing her time, she hopes to return the company to profitability. And her cultural clout remains remarkable.

22

ANNE STEVENS

COO, Americas

Ford Motor

2004 rank: 49

Age: 56

Promoted in October to oversee the Americas division, Stevens is Ford's first female group VP and the most powerful woman in the car industry. But North American vehicle operations lost $1.2 billion last quarter.

23

SUSAN DESMOND-HELLMANN

President of Product Development

Genentech

2004 rank: 24

Age: 48

Cancer drug Avastin's success sent Genentech's market cap soaring to $90.5 billion by mid- October. Genentech also has one of the most promising pipelines in the industry.

24

SUSAN IVEY

President, CEO, Reynolds American; Chairman, CEO, R.J. Reynolds Tobacco

2004 rank: 36

Age 46

Nearly one in three cigarettes smoked in the U.S. is a Reynolds American product. Ivey's power is also smoking. The board elected her chairman, effective at the end of the year.

25

AMY WOODS BRINKLEY

Chief Risk Officer

Bank of America

2004 rank: 19

Age: 49

Brinkley watches out for all the risks Bank of America faces--from losing its best employees to getting squeezed by fluctuating interest rates. The risk department also oversees $522 billion in loans.

26

SHELLY LAZARUS

Chairman, CEO, Ogilvy & Mather Worldwide, WPP

2004 rank: 26

Age: 58

Lazarus is steering O&M through a sea change: Revenues from nontraditional work, like direct and interactive marketing, surpassed print and TV for the first time in 2004. By expanding business with clients like Coke and IBM, O&M increased revenues to $753 million in 2004.

27

IRENE ROSENFELD

Chairman and CEO, Frito-Lay, PepsiCo

2004 rank: 31

Age: 52

Rosenfeld's unit--Frito-Lay North America--is the company's biggest, with $9.6 billion in revenues last year. Next up: introducing healthy snacks, like veggie chips, starting in 2006.

28

HEIDI MILLER

CEO, Treasury and Securities Services

J.P. Morgan Chase

2004 rank: 29

Age: 51

In her first year on her first operating job, Miller--who runs an $8 billion custody, cash-management, and clearinghouse business--reorganized the division and delivered strong growth. Operating profits rose 122%, to $229 million, for the first half of 2005. Miller also goes way, way back with soon-to-be CEO Jamie Dimon.

29

LINDA DILLMAN

EVP and CIO, Wal-Mart

2004 rank: 32

Age: 49

To correct for problems laid bare by last year's Hurricane Charlie, Dillman's team developed technology that helped Wal-Mart shine after Katrina (see booklet). The retail giant was able to predict what would be needed and stock regional distribution centers for quick delivery to stricken areas, as well as to monitor the situation from a new emergency operations center in Bentonville, Ark. On regular days at the office, Dillman oversees the IT department at the world's largest company, which develops all technology in-house.

30

MARY MINNICK

EVP; President of Marketing, Strategy, and Innovation, Coca-Cola

New

Age: 45

As the third head of marketing in three years, MInnick is under pressure to put some fizz back into one of the world's most recognized--and troubled--brands. Minnick arrived in Atlanta after spending seven years running Coke's Asia operations, where she delivered a nimble mix of products that weren't always traditional--for instance, canned coffee, which was a big hit.

31

CAROL BARTZ

Chairman, CEO, and President, Autodesk

New

Age 57

PC software maker Autodesk nearly doubled net income last year, driving the stock price up more than 200%. The company is relatively small ($1.4 billion in revenues), but Bartz, who has been CEO for 13 years, punches above her weight. She is one of the longest-lasting,most respected CEOs in Silicon Valley.

32

DOREEN TOBEN

CFO

Verizon

2004 rank: 17

Age: 55

Toben is known for her razor-sharp cost cutting at Verizon, which has slashed corporate debt by $22.5 billion since 2002. Against the background of a slumping stock, she is focusing this year on the $8.5 billion acquisition of MCI, slated to close in the next few months. She also oversees a $15 billion capital expenditures budget.

33

STACEY SNIDER

Chairman Universal Pictures, GE

2004 rank: 28

Age: 44

The studio capped off an otherwise lackluster summer with the surprise hit The 40-Year-Old Virgin, but disappointments like Cinderella Man were more typical in a difficult year for Hollywood.

34

CATHLEEN BLACK

President, Hearst Magazines

2004 rank: 30

Age: 61

Coming up on her ten-year anniversary at the helm, Black has reason to celebrate. She has launched three new magazines since mid-2004, including a shopping title, Shop ETC. Ad revenues are up 13%, to $1.7 billion, so far this year, with Oprah's magazine O and Redbook posting especially strong numbers.

35

LISA WEBER

President, Individual Business, MetLife

2004 rank: 43

Age: 42

With the Auto & Home division reporting to her since January, she's in charge of the insurance giant's overall retail strategy. And when MetLife acquired Travelers Life & Annuity from Citigroup in July, Weber gained half of its business. Now she oversees segments that generated $17.5 billion in revenues in 2004.

36

LOIS QUAM

CEO, Ovations

United Health Group

2004 rank: 42

Age: 44

With five million consumers, Ovations is already the largest provider of health services to seniors. Thanks to new deals and the Medicare prescription-drug benefit, the $7.6 billion company is about to get much bigger.

37

CARRIE COX

EVP; President, Global Pharmaceuticals

Schering-Plough

Return

Age 48

Though she's a registered pharmacist, Cox's job is not to make up prescriptions but to help CEO Fred Hassan cure Schering's ills. With drug sales growing at an 18% clip and three straight quarters of earnings increases, it might be turning the corner after a tough few years. Wall Street thinks so. The stock is up more than 20% over the last year.

38

NANCY PERETSMAN

EVP, Managing Director

Allen & Co.

2004 rank: 37

Age: 51

When it comes to M&A, Peretsman is the only woman in the room with the big dogs. She advised Sony on its purchase of MGM ($5 billion); bankrupt cable giant Adelphia on the sale of U.S. assets ($17.6 billion); and longtime client Barry Diller on splitting his e-commerce empire ($15 billion). She correctly forecast that big media would start to nibble at Internet companies--and they are seeking Peretsman's expertise to get to the table. She's already worked on the sale of AskJeeves.com.

39

MARY SAMMONS

President and CEO

Rite Aid

2004 rank: 33

Age: 59

The good news: Sammons delivered a second consecutive profitable year in 2004, with income of $302 million on $16.8 billion in revenues. The bad news: Same-store and pharmacy sales growth dipped again.

40

SUSAN DECKER

CFO and EVP, Finance and Administration

Yahoo

2004 rank: 48

Age: 42

Decker negotiated Yahoo's big move into China last summer. The $1.7 billion deal handed over Yahoo's Chinese operations to Jack Ma, founder of the Chinese Internet company Alibaba.com, in return for a 40% equity stake in Alibaba. Last year Yahoo's revenues totaled $3.6 billion, up 120% from 2003, and operating income came in at $689 million, a 133% increase.

41

DAWN HUDSON

President and CEO, Pepsi-Cola North America PepsiCo

Return

Age: 47

The woman with the golden marketing touch--she was behind the "Joy of Cola" campaign--is now calling the shots at PepsiCo's North American beverages division.

42

AMY PASCAL

Vice Chairman, Sony Pictures Entertainment

Sony

2004 rank: 21

Age: 47

After a series of box office flops this summer (Stealth, Bewitched), Sony tumbled from No. 1 in market share to the middle of the pack. Pascal, who reports directly to Sony CEO Howard Stringer, has quietly built a reputation for picking sophisticated movies that also have broad appeal.

43

CLAIRE WATTS

EVP, Product Development, Apparel and Home Merchandising

Wal-Mart

2004 rank: 45

Age: 45

An eight-page ad insert for Wal-Mart apparel in September's Vogue? That was the retail giant telegraphing its new strategy to attract more fashionable, affluent customers--and Watts is the one charged with bringing them in. She heads the $40 billion--plus clothing- and furnishings-merchandising unit and oversees product development. Her first big move: last month's launch of a trendy in-house fashion label, Metro 7. Under Watts, Wal-Mart added a New York--based trend-spotting office and hired more than 300 fashion merchandisers to track sales at the store level.

44

VIVIAN BANTA

Vice Chairman Prudential Financial

2004 rank: 38

Age: 55

Banta runs Prudential's insurance division, which rang up 2004 sales of $7.6 billion, an increase of 11.8%.

45

ELLYN MCCOLGAN

President, Fidelity Brokerage

Fidelity

New

Age: 51

Fidelity tapped McColgan to run its sleepy brokerage arm in 2002, and ever since, the unit has been soaring. Last year brokerage assets rose 20%, to $1.1 trillion, second only to Merrill Lynch and ahead of rivals like Schwab and E*Trade.

46

ELLEN KULLMAN

Group VP

DuPont

New

Age: 49

Never has a woman held this much power at 203-year-old DuPont. Kullman's $5 billion safety and protection division encompasses some of the company's most valuable brands, including Corian, Tyvek, and Kevlar. Her breadth of experience helped her land a spot last year on GM's board of directors.

47

BARBARA DESOER

Global Technology, Service and Fulfillment Executive

Bank of America

New

Age: 53

Desoer is responsible for every transaction between Bank of America and its 33 million customers. Earlier this year she testified twice before Congress about customer data security, after backup tapes with information on 1.2 million Bank of America cardholders went missing.

48

URSULA BURNS

SVP

Xerox

2004 rank: 44

Age: 47

As the president of Business Group Operations, Burns brings in 75% of Xerox's $15.7 billion in revenues. Now the company lifer is overseeing the expansion of the color-printing business.

49

SAFRA CATZ

Co-President

Oracle

Return

Age: 43

CEO Larry Ellison calls the shots, but Catz often handles day-to-day operations as one of three co-presidents at the world's second-largest software company. One recent highlight: Oracle finally purchased PeopleSoft for $10.3 billion after an 18-month court battle.

50

KATHY CASSIDY

Treasurer

General Electric

New

Age: 51

In 2004, Cassidy issued $54 billion of debt in 18 currencies, making General Electric the largest issuer of corporate debt in the world. She also advised Wal-Mart treasurer Jay Fitzsimmons to tap overseas debt markets. He did, eventually issuing Wal-Mart's first global bond.