May 20, 2013 / Fortune Asia / Volume 167 / Number 7 / FORTUNE 500

FORTUNE 500
54 WHAT IT’S LIKE TO DROWN IN CASH
Apple has finally taken steps to distribute its unprecedented hoard, but will that be enough to revive its stock?
BY CAROL J. LOOMIS

62 CITIGROUP’S NEW CEO IS A BANKER. IMAGINE THAT.
Unlike his predecessors, Michael Corbat has spent 30 years working in banking operations. Could that be just what Citi needs?
BY JENNIFER REINGOLD WITH DORIS BURKE

68 CAN UNITEDHEALTH REALLY FIX THE SYSTEM?
CEO Stephen Hemsley has a data-driven plan to lead a health care revolution.
BY SHAWN TULLY

76 LOCKHEED’S SECRET WEAPON
Marillyn Hewson, operations whiz, is suited to lead Lockheed in uncertain times.
BY BETH KOWITT

82 THE NEXT OIL BOOM
Energy giants are flocking to Kurdistan, but their presence is provoking tensions with Baghdad.
BY VIVIENNE WALT

91 INSIDE THE BOARDROOM: THE PARTY IS OVER!
Being on a corporate board isn’t the cushy gig it used to be. The hours are long and the scrutiny is intense. So why are executives lining up for a seat at the table?
BY GEOFF COLVIN

96 THE DIRECTORS
Our annual portfolio of the people behind some of the biggest and most important organizations in America.
PHOTOGRAPHS BY GREGG SEGAL PRODUCED BY ALIX COLOW REPORTING BY COLLEEN LEAHEY

109 A YEAR OF FRENZIED ACTIVITY
Flush with profits, America’s biggest companies put their money to work in 2012, fueling a surge in M&A.
BY SHAWN TULLY

F-1 THE 500 LARGEST U.S. CORPORATIONS

F-27 EXPLANATIONS AND NOTES

F-28 INDEX

41 THOUGHT LEADERS
Warren Buffett
The Berkshire Hathaway chairman explains why he’s bullish on women.

44 LEADERSHIP
Whole Foods’ Other CEO on Organic Growth
Co-chief Walter Robb aims to empower employees.

INTERVIEW BY GEOFF COLVIN

48 Shaq Inq.
Shaquille O’Neal wants to be a business superstar.
BY DAVID A. KAPLAN

8 FIRST
Closer Look
Inside Corning, where glass is pushed to its limits.
BY RYAN BRADLEY

10 FIRST
International
The threat from economies at the bottom.
BY RICHARD HAASS

12 FIRST
Chartist
Notable declines on the Fortune 500 through the years.

14 FIRST
Retail
Starbucks redesigns its cafés.
BY BETH KOWITT

16 FIRST
Brainstorm
A new kind of truck stop in America.
BY BRIAN DUMAINE

19 FIRST
World’s Most Admired Companies
GE gets back to basics.
BY ERIKA FRY

21 FIRST
New Energy
First Solar sees brighter days ahead.
BY BRIAN DUMAINE

23 PURSUITS
The Best New Business Hotels
The most buzzed-about hotspots.
BY ALEXANDRA KIRKMAN

27 TECH
Startups
The CIA’s investment arm partners with Silicon Valley.
BY HELEN COSTER

29 TECH
Car+Tech
Cars are becoming connected devices.
BY SETH FLETCHER

30 TECH
Fastest-Growing Companies
Baidu, China’s biggest search engine.
BY KURT WAGNER

31 TECH
Software
How Linux conquered the Fortune 500.
BY ROGER PARLOFF

32 INVEST
Profitmakers
Economic Value Added shows which companies are able to turn capital into true profits.
BY SCOTT CENDROWSKI

34 INVEST
Anatomy of a Trade
Loomis Sayles’s Warren Koontz on Lowe’s.
BY RYAN DEROUSSEAU

35 INVEST
Wealth Adviser
When picking stocks, bet on pricing power.
BY JANICE REVELL

6 Editor’s Desk
144 Bing!

INSIGHTS

38 Allan Sloan
Obama has a sweet retirement package. Will you?

39 Dan Primack
Where is Calpers’s governance when you need it?

40 John Cassidy
Abenomics: Good for Japan (and for us too).

CORRECTIONS

”The Hottest VCs Since Andreessen” (April 29) misstated the investment types that Formation 8 will avoid. While it plans to stay away from alternative-energy-production investments, it expects to invest in other energy-related companies. ”The Second Coming of Facebook” (April 29) implied that Facebook’s deals with international phone companies are tied to the distribution of its forthcoming Home software. The relationship with carriers is not strictly related to Home.

ON THE COVER AND THIS PAGE

Photograph by MITCHELL FEINBERG; styling by MEGAN CAPONETTO

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PHOTO: MITCHELL FEINBERG; styling by MEGAN CAPONETTO

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