October 1, 2017 / Fortune Asia / Volume 176 / Number 5 / THE 50 MOST POWERFUL WOMEN

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MOST POWERFUL WOMEN

50 Most Powerful Women
The 20th edition of Fortune’s annual list of the Most Powerful Women in Business.
PAGE NO. 28

The Queen of Pop
Interview by BETH KOWITT
CEO Indra Nooyi has kept PepsiCo a step ahead of the Big Food pack. But can she jolt a sector that’s losing its fizz?
40

Tech Takeover in Toyland
By MICHAL LEV-RAM
Mattel CEO Margo Georgiadis wants to bring the venerable toymaker-and the rest of the industry擁nto the Digital Age.
46

Apple Reboots in China
By CLAIRE ZILLMAN
Facing falling sales in a key market, the iPhone maker turns to star engineer Isabel Ge Mahe to lead a turnaround.
PAGE NO. 54

The International List
Our ranking of the most powerful businesswomen based outside the U.S.
59

Racing to Build an Endurance Sports Empire
By PHIL WAHBA
In a bold buying spree, China’s Dalian Wanda has become the world’s biggest operator of marathons and triathlons. Now all it has to do is get people running again.
62

DEPARTMENTS

BRIEFING

7 A Category 5 Business Problem
As storms in the U.S. become more frequent and more intense, their true cost emerges.
By CLAY DILLOW

10 A Lawsuit Deluge for Opioid Inc.
This could be the pharmaceutical industry’s Big Tobacco moment.
By ERIKA FRY

11 Trudeau Pushes for a Feminist NAFTA
Canada brought an unusual wish list to the free-trade negotiating table.
By CLAIRE ZILLMAN

12 Taylor Swift’s Battle of the Brands
Few things go better together than the pop star and capitalism.
By TOM HUDDLESTON JR.

13 The Business of Getting Dirty
The CEO of Tough Mudder talks slop容r, shop.

16 The 10 Best Workplaces for Women
The standouts from Fortune and Great Place to Work’s third annual list of female-friendly firms.
By CHRISTINA AUSTIN

FOCUS

TECH
18 Tech’s Magic 8 Ball Says Embrace the Future
Longtime futurist Ray Kurzweil predicts artificial intelligence will do more good than harm.
By MICHAL LEV-RAM

VENTURE
20 Finding an ”Ocean” Free From Rivals
Every buzzy startup is trying to upend the establishment, so why play the same game?
By LEIGH GALLAGHER

INVEST
22 Resisting Activists- and Winning
Shareholder activist campaigns promise to boost a stock’s value. But here’s a secret: Investors often fare better when management says no.
By RYAN DEROUSSEAU

PASSIONS
25 Time for Something More
Women’s watches have long gone without the mechanical marvels of men’s timepieces. Patek Philippe’s Sandrine Stern is changing that.
By STACY PERMAN

BACK PAGE
LAST BYTE
68 Apple Climbs Toward $1 Trillion
As Apple nears a market-cap milestone, Fortune takes note of other stocks that have attained dizzying heights.
Text by BRIAN O’KEEFE; graphics by NICOLAS RAPP

ON THE COVER: INDRA NOOYI PHOTOGRAPHED BY SPENCER HEYFRON

[IMAGES]

JONATHAN CALUGI

ｩ Time Inc.