September 15, 2016 / Fortune Asia / Volume 174 / Number 4 / 50 MOST POWERFUL WOMEN

FEATURES

50 MOST POWERFUL WOMEN

34 INTRODUCTION
Fortune's 19th annual compendium of the Most Powerful Women in Business reveals how female executives are transforming corporate America.

36 HAIL, MARY
General Motors CEO Mary Barra has led the carmaker on an epic comeback ride. But it might take more than a miracle worker to lift the company's stock.
BY PAUL INGRASSIA
Plus: Barra talks with Fortune editor-at-large JENNIFER REINGOLD about what has changed at GM—and what's next.

42 THE LIST
BY KRISTEN BELLSTROM, ERIKA FRY, BETH KOWITT, MICHAL LEV-RAM, LEENA RAO, JENNIFER REINGOLD, ANNE VANDERMEY, PHIL WAHBA, JEN WIECZNER, AND VALENTINA ZARYA

52 THE DISAPPEARED
Despite progress, the number of women Fortune 500 CEOs remains tiny. Many female C-suite stars don't get second opportunities, ending up in an invisible corporate purgatory. Why is business still underutilizing one of its most valuable assets?
BY JENNIFER REINGOLD

60 ANN-MARIE CAMPBELL BELIEVES IN YOU
As Home Depot looks to the web to help it squeeze more sales out of its stores, the 400,000 associates who work in the retailer's 2,276 locations look to one of their own to lead them.
BY ELLEN MCGIRT

66 LIGHTING UP GE
Vice chair Beth Comstock has an ungainly portfolio but a simple mission: infusing the future into a venerable company.
BY GEOFF COLVIN

70 MORE THAN SKIN DEEP
Ulta Beauty has built a fast-growing hair and cosmetics empire in America's strip malls. Can it go toe-to-toe with much bigger competitors? That's up to CEO Mary Dillon.
BY PHIL WAHBA

78 THE SMART STING OF SAM BEE
The Canadian comedian has replaced Jon Stewart as America's most trenchant political commentator. Her secret? Not hiding her frustration.
BY ERIN GRIFFITH

82 GOOGLE GETS DISCIPLINED
The search-engine behemoth has spent billions in the quest for its next hit. Now Wall Street veteran Ruth Porat has come aboard to help Google—and its parent company, Alphabet—get more bang for the buck. Can she get their "smart creatives" to fall in line?
BY LEENA RAO

89 MOST POWERFUL WOMEN: INTERNATIONAL
Our rankings of the most powerful businesswomen based outside the U.S.
BY RUPALI ARORA, ERIKA FRY, AUDREY SHI, AND CLAIRE ZILLMAN

92 LEADING THROUGH CHAOS
Turkey's aborted coup is only the latest challenge for Güler Sabanci, the woman behind one of the country's largest conglomerates.
BY ERIKA FRY

94 MPW CHARTIST
The share of women CEOs is still minuscule, but in the boardroom there's increasing cause for optimism.

26 IS HILLARY GOOD FOR BUSINESS?
To win the nomination, Clinton tacked way left on trade and ratcheted up her anti--Wall Street rhetoric. But insiders and experts say her policies are pro-growth. A clear-eyed look at her plan.
BY TORY NEWMYER

95 FORTUNE'S 100 FASTEST-GROWING COMPANIES
Too fast to be stopped: 2016's top three-year performers in revenue, profits, and stock returns.
BY SCOTT DECARLO, DOUGLAS G. ELAM, VIVIAN GIANG, KATRINA KAUFMAN, AND KATHLEEN SMYTH

102 30 YEARS OF FASTEST-GROWING COMPANIES
As our list reaches the three-decade milestone, we highlight some of the highs ... and lows along the way.

104 SWIMMING UPSTREAM
Can a Bible-studying, love-peddling showman save SeaWorld ... from itself?
BY ERIKA FRY

112 IT'S JEFFREY KATZENBERG'S FUTURE
His career as a studio mogul just ended with the sale of DreamWorks Animation. But Katzenberg has shaped some of the most important changes in the movie industry over the past two decades—and he's not done yet.
BY MICHAL LEV-RAM
DEPARTMENTS
MACRO

6 Closer Look
The rise of nationalism and protectionism has villainized free trade, but the global economic future hinges on its rehabilitation.
BY CHRIS MATTHEWS

10 The People vs. the Pill Pushers
Big Pharma has been hiking prices with impunity for years. Come November, that could change.
BY SY MUKHERJEE

11 Trend Tracking
Our educated guesses for which crazes are fizzling and which are picking up steam.

12 Sequel-itis
Why does Hollywood make bad movies? People keep paying to see enough of them.
BY MICHAL LEV-RAM

14 Fair Trade
China's currency falls. The world shrugs.
BY SCOTT CENDROWSKI

PASSIONS & PERKS
15 Vintage Gems
No longer considered Grandma's leftovers, estate jewelry is in high demand.
BY STACY PERMAN

TECH
17 Person of Interest
Meet Belinda Johnson, chief business affairs and legal officer of Airbnb.
BY LEIGH GALLAGHER

18 The Future Is Now
As techies dream of delivery drones, the construction industry eyes the devices as a tool to save billions of dollars.
BY CLAY DILLOW

INVEST
21 Auto Stocks
Why self-driving cars could help the industry's stocks do a U-turn.
BY RYAN DEROUSSEAU

24 THE BIG THINK
How to get on the right side of the digital divide.
BY JOHN CHAMBERS, EXECUTIVE CHAIRMAN, CISCO

120 BING!
CORRECTIONS
Fortune's Change the World list (Sept. 1, 2016) incorrectly stated that Brazilian forestry company Fibria operates in the Amazon. In the same article, the company AdvisorShares is incorrectly identified as Advisory Shares. Fortune regrets the errors.

[IMAGES]
MICHAEL LEWIS
EPIPEN: DREW ANGERER—GETTY IMAGES
JOHNSON: KEVIN MALONEY—FORTUNE BRAINSTORM TECH
TESLA: COURTESY OF TESLA MOTORS
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