General Dynamics CEO makes Fortune list of powerful women

The CEO of Falls Church-based General Dynamics  Corp. has been named the 10th most powerful woman in the U.S. by Fortune magazine.

Phebe Novakovic, 57, moved up one spot from last year’s rank as No. 11 on the list of 51 Most Powerful Women, which includes entertainer Taylor Swift.

General Dynamics, a major defense contractor, had revenue of $30.9 billion in 2014 and profits of $2.53 billion. It is the second-largest publicly traded company in Virginia, behind Freddie Mac.

Fortune lists the company’s  market value at $44.8 billion on Sept. 1.

The Fortune write-up notes that 2014’s net income represents a 7 percent increase from 2013, Novakovic’s first year as CEO.

“Its Gulfstream jet business, part of its $8.7 billion aerospace division, rebounded from a downturn during the financial crisis as corporate and individual buyers replaced aging fleets,” the magazine says. “Gulfstream booked almost $1 billion in new orders in 2015’s second quarter, its best performance in seven years.”

No. 51 on Fortune’s list is 25-year-old Swift, whom Fortune described as a singer and music and technology disruptor. The magazine said Swift was added to the list because of her industry clout.
The write-up noted that “by refusing to put her music on Spotify and then, in June, forcing Apple Music to change the way it compensated musicians during its trial period, she’s shifted the power dynamic back toward the artists. She’s also become an increasingly vocal advocate for female empowerment.”

The top woman on the Fortune list this year was Mary Barra, the CEO of General Motors, who moved up from second last year.

Others listed among the top 10 included: Indra Nooyi, CEO and chairman of PepsiCo; Ginni Rometty, CEO, chairman and president of IBM; Marillyn Hewson, CEO, chairman and president of Lockheed Martin; Ellen Kullman, CEO and chairman of DuPont; Abigail Johnson, CEO and president of Fidelity Investments; Meg Whitman, CEO, chairman and president of Hewlett-Packard; and Sheryl Sandber, COO of Facebook.

This marks the 18th year that Fortune has produced the powerful women list.