30 TREASURY & RISK JUNE 2011 treasuryandrisk.com

MOST INFLUENTIAL PEOPLE IN FINANCE

100T

he world is preoccupied with sustaining the economic recovery, preventing countries from de-

faulting in Europe and proceeding with post-financial-crisis regulation in the United States.

Those themes are evident in Treasury & Risk’s 100 Most Influential People in Finance roster for

2011, which includes government officials wrestling over how to regulate derivatives, policymak-

ers worldwide dealing with slow growth and inflationary pressures, and CEOs driving the revival of M&A

activity. On the list are many finance executives who came up with creative responses to the challenges of the

last few years, including the volcanic ash cloud in Iceland, triple disasters in Japan and political unrest in

the Middle East. The executives, officials, regulators and bankers named the 100 Most Influential People in

Finance have led business and the global economy to a better place, but much work still needs to be done.

Michael Geltzeiler

Michael Angelakis

CFOS MICHAEL ANGELAKIS, CFO, COMCASTAs Comcast pushes into content with its NBC Universal merger, Angelakis gets credit for his diplomacy in negotiations with GE as well as for crafting the deal’s financial structure, which involves a joint venture.

RICHARD CARBONE, EVP AND CFO, PRUDENTIAL FINANCIALBack in 2007, Carbone spotted cracks forming and began adding liquidity to Prudential’s balance sheet, making it one of the few financial institutions to weather the crisis without a bailout or regulatory relief.

KEVIN CLARK, CFO, DELPHIClark, who took the finance helm at Delphi in mid-2010, has added a new urgency to the auto supplier’s comeback from bankruptcy, helping drive to new levels of performance as Delphi heads toward an IPO.

NICK DUNN, CFO, U.K.’S GATWICK AIRPORTDunn joined Gatwick in April 2010, as a volcanic ash cloud grounded flights across Europe. With the company looking to invest $1.6 billion in renovations by 2013, Dunn has plenty more challenges ahead.

GLENN EISENBERG, EVP, FINANCE AND ADMINISTRATION, TIMKENCredit Eisenberg with playing a key role in turning this once sleepy conglomerate into a player in hot markets like aerospace and wind energy and transforming the finance department.

MICHAEL GELTZEILER, CFO AND GROUP EXECUTIVE VICE PRESIDENT, NYSE EURONEXTGeltzeiler is a leader in the exchange’s proposed merger with Deutsche Börse. As its CFO since 2008, he has steered NYSE Euronext through significant evolution and growth.

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MOST INFLUENTIAL PEOPLE IN FINANCE

David Herzog

Hugh Johnston

Kristi Matus

Ann Marie Petach

Ed Rapp

GREGORY HAYES, CFO, UNITED TECHNOLOGIESHayes has built a strong finance team and developed well-rounded staffers in part by rotating them to different positions. He also speaks out on public policy issues such as corporate tax reform.

DAVID HERZOG, CFO, AIGHerzog helped restructure and recapitalize the insurance giant, which involved more than $57 billion in divestitures, led AIG back into the capital markets, arranging more than $4 billion of unsecured bank credit and $2 billion of debt, and is reorganizing the global finance function.

JEAN-MARC HUËT, CFO, UNILEVERSince joining Unilever in February 2010, experienced leader Huët has been busy overseeing the acqui-sition of Alberto Culver, cost savings of $1.9 billion, and a 10% increase in sales in emerging markets.

HUGH JOHNSTON, CFO, PEPSICOUnder Johnston’s financial leadership, PepsiCo delivered strong results last year despite the econom-ic slowdown, while at the same time acquiring its two anchor bottling companies and Wimm-Bill-Dann, the Russian food and beverage company.

MARK LOUGHRIDGE, SVP AND CFO, FINANCE AND ENTERPRISE TRANSFORMATION, IBMLoughridge, who presided over a huge number of acquisitions as IBM bulked up its business analytics, has a reputation as a skilled leader and developer of people.

KRISTI MATUS, CFO, USAAAt USAA, which provides financial services to members of the U.S. military, Matus ensured that the company maintained the highest possible ratings, established a risk governance framework and advanced data analytics that help facilitate the financial security of USAA’s 8 million members.

ANN MARIE PETACH, CFO, BLACKROCK Amid the financial crisis, Petach succeeded in keeping the investment management company’s revenues stable and its credit position solid, which allowed it to acquire Barclays’ BGI unit. She also played a leading role in the company’s 50% public offering. 

ED RAPP, GROUP PRESIDENT AND CFO, CATERPILLARThe work that Rapp and his team did to steer Caterpillar through the recession paved the way for the string of acquisitions announced last year that will give it a boost in such key industries as sustain-able power products and mining equipment.

HANS PETER RING, CFO, EADSDespite the challenges facing the aerospace industry in recent years, Ring contributed to the recovery of the company’s performance in 2010 and maintained and strengthened its net cash position, finan-cial profile and rating.

KEITH SHERIN, CFO AND VICE CHAIRMAN, GENERAL ELECTRICSince 2008, Sherin has reduced the giant conglomerate’s reliance on its finance unit, GE Capital. More recently, he oversaw a series of acquisitions that strengthened GE’s energy and industrial busi-nesses and expanded its global reach.

JONATHAN SYMONDS, CFO, NOVARTISBefore joining Novartis in 2009, industry heavyweight Symonds was a managing director at Goldman Sachs in the United Kingdom and CFO of AstraZeneca for eight years. He played a significant role in completing Novartis’ recent takeover of U.S.-based eye-care company Alcon.

GARY WOJTASZEK, CFO AND PRESIDENT OF DATA CENTER OPERATIONS, CINCINNATI BELLWojtaszek played a key role in Cincinnati Bell’s strategic decision to build up its data center business and its $526 million purchase of CyrusOne, a data center co-location provider. He also refinanced the company’s debt and extended maturities, making room to invest in that business.

JOHN WOODS, VICE CHAIRMAN AND CFO, UNIONBANCAL CORP. AND UNION BANK Woods launched a balance sheet restructuring that resulted in net interest margin improvements and bolstered the bank’s liquidity position. He also led the successful acquisition and integration of Tamalpais Bank and Frontier Bank.

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Christine McCarthy

FINANCE PROS

ERIC BALL, TREASURER AND VP, ORACLEOracle has made a steady stream of acquisitions in recent years, including buying Sun Microsystems for $7.4 billion in 2010, and Ball runs the group that integrates new acquisitions. He raised more than $20 billion in debt offerings since 2006.

ROGER BISCAY, TREASURER AND VP, CISCO SYSTEMSBiscay maximized his team’s effectiveness by leveraging treasury’s use of technology. And in the wake of the credit crunch, he implemented a comprehensive approach to credit risk management that includes not only receivables but also loans, leases and investments.

MIKE COOK, ASSISTANT TREASURER AND VP, WAL-MART STORESCook has worked steadily on payments issues, focusing in particular on lowering the interchange fees retailers are charged for debit card swipes.

DAMIAN GLENDINNING, TREASURER AND VP, LENOVOUpon joining Lenovo, Glendinning had only five months to set up a full-fledged treasury covering 66 countries. His work has stood the test of time, and with some pioneering receivables-based financing, enabled the company to survive the crisis while building an investment-grade balance sheet.

RONNI HORRILLO, ASSISTANT TREASURER, GOOGLEHorillo led Google, which earns more than half its non-U.S. revenue from Europe, in its effort to use SEPA credit transfers to standardize its euro wires, thus slashing banking fees by 98%.

MUSTAFA KILIC, REGIONAL TREASURY AND GROUP INSURANCE MANAGER, INDESITKilic has substantially improved the Italian appliance manufacturer’s cash flow and working capital with innovative multi-layered hybrid cash pooling, direct buyer and supplier finance solutions.

RICK MARTIN, GROUP DIRECTOR, TREASURY AND INVESTOR RELATIONS, VIRGIN MEDIAAfter leading a major refinancing operation from 2007-2010, Martin is focused on fulfilling an ambi-tious $1.1 billion capital return program even as the company looks to de-lever.

CHRISTINE MCCARTHY, EVP OF CORPORATE FINANCE AND REAL ESTATE AND TREASURER, WALT DISNEY McCarthy managed the development of the capital structure for Shanghai Disneyland, modified the capital structure for Hong Kong Disneyland and negotiated financing for its expansion.

LAUREL MEISSNER, GLOBAL CONTROLLER AND SVP, AONSince joining Aon in 2009, Meissner transformed the controller function from country-specific opera-tions to a centralized global function with standardized systems. She was also involved in integrating Aon’s acquisitions of Benfield Group and Hewitt Associates.

ELAINE PAIK, CORPORATE TREASURER AND VP, COLGATE-PALMOLIVEAs the consumer product company’s treasurer since 2009, Paik has positioned treasury as a change agent and challenged others to think long-term.

JARED POFF, TREASURER AND VP, BIG LOTSPoff implemented a supply chain finance program that lets Big Lots’ suppliers obtain financing based on invoices the close-out retailer has approved. Poff also launched a corporate-wide payroll card and manages the stock repurchase programs.

ANITA PRASAD, GENERAL MANAGER OF TREASURY CAPITAL MANAGEMENT, MICROSOFTPrasad, whose responsibilities range from corporate finance and capital structure to global liquidity, drives Microsoft treasury’s continuous embrace of technology to deal with business challenges.

DAVID SHAW, TREASURER AND SVP, THOMSON REUTERSUnder Shaw’s leadership, the treasury team built a model to measure the risk entailed in the merged giant’s diverse foreign exchange exposures and put in place a new FX hedging program. Thomson Reuters also shifted more pension assets into fixed income, which worked well when equities tanked.

Eric Ball

Laurel Meissner

Roger Biscay

Rick Martin

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PETER VAN ROOD, CORPORATE DIRECTOR OF TREASURY, AKZONOBEL Not content with his achievements of recent years—including restructuring the company’s treasury function and replacing systems—van Rood is turning his attention to optimizing corporate finance, putting in place regional cash management solutions and a global implementation of SWIFTNet.

JEAN-MARC WÄLTI, GROUP TREASURER, NESTLÉWälti was involved in the funding for such Nestlé acquisitions as Gerber and Kraft Foods’ frozen pizza business. He keeps the Swiss food giant’s treasury on the cutting edge with projects such as the implementation of global SWIFTNet FileAct for mass payment delivery.

JÖRG WIEMER, SVP AND HEAD OF GLOBAL TREASURY, SAP Multi-tasker Wiemer arranged $3.9 billion in acquisition financing, a U.S. private placement and a debut bond transaction while completing an ambitious working capital optimization project.

RISK MANAGERS

CAROL FOX, DIRECTOR OF STRATEGIC AND ENTERPRISE RISK PRACTICE, RISK AND INSURANCE MANAGEMENT SOCIETYFox is the leading force behind RIMS’ new strategic risk management effort, focusing on practices that can create as well as protect enterprise value. She spearheads RIMS’ emphasis on applied risk practices and is organizing a fall ERM conference.

KIKO HARVEY, VP OF CORPORATE AUDIT AND ENTERPRISE RISK MANAGEMENT, DELTA AIR LINESHarvey’s finance and accounting expertise are at the service not only of Delta but also the Public Company Accounting Oversight Board, where she is a member of the Standing Advisory Group.

Kiko Harvey

Peter van Rood

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Bruce Thompson

David Cruikshank

Steve Ellis

RICHARD LAURIA, SENIOR ACTUARY AND VP, ASSURANTAs head of the actuarial and risk management group at the specialty insurer, Lauria made significant contributions to the development of its enterprise risk management practice.

BRUCE THOMPSON, CHIEF RISK OFFICER, BANK OF AMERICAThompson, the bank’s chief risk officer since January 2010, engineered a significant overhaul of its approach to risk as it reshaped itself coming out of the financial crisis and worked through credit is-sues. In April, he was named CFO, a position he will assume by the end of the second quarter.

BANKERS

KEVIN BROWN, HEAD OF GLOBAL PRODUCT MANAGEMENT, GLOBAL TRANSACTION SERVICES, RBS Brown led the separation and integration of ABN AMRO’s transaction banking business into RBS Global Transaction Services and is now shaping GTS’ product strategy across the globe to bring innovative, relevant solutions to clients as well as defining the bank’s strategy on payment industry issues and market infrastructures.

DAVID CRUIKSHANK, EVP AND CEO OF TREASURY SERVICES, BNY MELLONCruikshank sets the strategic direction and leads business execution for the company’s global pay-ment, trade finance and cash management businesses, which offer solutions that are delivered to governments, corporations and financial institutions globally.

STEVE ELLIS, EVP AND HEAD OF WHOLESALE SERVICES, WELLS FARGO & CO. Ellis has pushed Wells Fargo’s online platform to the forefront with its use of advanced technology to administer online banking services and integrate those services into a one-stop shopping portal.

STEVEN FRADKIN, PRESIDENT, CORPORATE AND INSTITUTIONAL SERVICES, NORTHERN TRUSTAs head of the corporate and institutional unit at Northern Trust, Fradkin oversees the asset servic-ing, investment management and banking services the bank provides to institutional clients world-wide. Earlier, as CFO, he helped navigate the financial crisis.

AMOL GUPTE, MANAGING DIRECTOR AND NORTH AMERICA HEAD OF TREASURY AND TRADE SOLUTIONS, CITI GLOBAL TRANSACTION SERVICESIn charge of cash and trade products for North America, Gupte oversaw Citi’s roll-out of the first flu care card that does not require prepayment and controlled spend accounts for the U.S. Air Force, as well as the bank’s critical role as paying agent and trustee for the Deepwater Horizon Oil Spill Trust.

KATHLEEN HUGHES, MANAGING DIRECTOR AND HEAD OF GLOBAL LIQUIDITY SALES, GOLDMAN SACHS ASSET MANAGEMENTHughes hit the ground running when she joined Goldman Sachs in September. She built a global team, developed new product capabilities for clients in Asia and brought U.S. expertise to managing customized short-duration portfolios for clients in Europe, the Middle East, Africa and Asia.

SHAHROKH MOINIAN, HEAD OF TRADE FINANCE AND CASH MANAGEMENT CORPORATES, THE AMERICAS, GLOBAL TRANSACTION BANKING, DEUTSCHE BANK Moinian drives Americas-based corporates to realize value by moving to next generation treasury structures centered on working capital, including an integrated cash management and supplier financing model, as he extends the bank’s reach in Latin America.

MICHAEL MONTOYA, HEAD OF GLOBAL PAYMENTS AND CASH MANAGEMENT SERVICES, UBSMontoya heads a group that provides UBS with a consolidated and global cash management solution governing every cash movement made across its external accounts. He’s also responsible for the units that develop payment and cash solutions and carry out payments transactions for clients.

ANNE CLARKE WOLFF, GLOBAL CLIENT EXECUTIVE, J.P. MORGAN TREASURY & SECURITIES SERVICESWolff’s organization, which supports clients in 180 countries and territories, played a key role in J.P. Morgan Treasury & Securities Services’ recent growth. Her drive has led to the extension of strategic partnerships within the bank to ensure clients receive the products, services and support they need.

Amol Gupte

Shahrokh Moinian

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Kurt Schneiber

TECHNOCRATS

ROBERT CALDERONI, CHAIRMAN AND CEO, ARIBACalderoni’s Ariba prospered by moving its spend management solution to the cloud, growing the number of businesses on its B-to-B network, and claiming 98 of the Fortune 100 as customers.

LÁZARO CAMPOS, CEO, SWIFTCampos stepped up SWIFT’s corporate game when he took over in 2007—just before visibility to cash and gaining fast access to multiple banking partners became a necessity. Making it easier and more affordable for corporates to connect to SWIFT and new tools, like eBAM and 3SKey, followed.

SCOTT COFFING, PRESIDENT, SUNGARD AVANTGARDCoffing leads SunGard’s efforts to help companies improve the connectivity of receivables, treasury and payables processes, and push beyond treasury management to achieve liquidity management.

LARRY ELLISON, CEO, ORACLEEllison’s Oracle expanded beyond its ERP and database beginnings in recent years to build an array of financial products, including such mainstays as Hyperion, and improve their interoperability.

STEVE JOBS, CEO, APPLEBusiness is going mobile as executives flock to devices like Apple’s iPad and iPhone. Finance staffers seem particularly interested in tablets like the iPad, which provide many desktop capabilities but can be accessed on the go.

SETH MERRIN, FOUNDER AND CEO, LIQUIDNETAfter inventing the first order management system, Merrin founded Liquidnet, a global institutional marketplace for trading large blocks of stock. He now aims to help corporate issuers execute capital markets transactions, including buybacks, stock offerings and IPOs, more efficiently.  

JIRO OKOCHI, CO-FOUNDER AND CEO, REVALOkochi’s acquisition of Central European cash management vendor ecofinance expanded Reval’s horizons, pushing it into the cash management space and growing its geographical footprint. KURT SCHNEIBER, CEO, SYNCADA FROM VISAUnder Schneiber’s leadership, Syncada, which processes invoices and payments and provides financ-ing, is gaining momentum, recently signing on two new banks, Citi and Commerce Bancshares.

STEVE WEILAND, VP OF STRATEGIC DEVELOPMENT, WEILAND FINANCIAL GROUP, OPEN SOLUTIONSEBAM is the rage these days, and Weiland and his company were pioneers in automating bank ac-count management and making the cost of services more visible with bank account analysis.

RULEMAKERS AND LOBBYISTS

BEN BERNANKE, CHAIRMAN, U.S. FEDERAL RESERVE BOARDAs he struggled to contain the financial crisis and the recession, Bernanke altered the way the Fed uses its balance sheet, reshaping U.S. monetary policy and making it significantly more transparent.

JAMES BULLARD, PRESIDENT AND CEO, FEDERAL RESERVE BANK OF ST. LOUISBullard emerged as a strong voice at the Fed and an interesting barometer on Fed policymaking, staking out a position of his own on policy and the outlook for the economy.

ROBERT COOK, DIRECTOR, DIVISION OF TRADING AND MARKETS, U.S. SECURITIES AND EXCHANGE COMMISSIONCook, who heads the division that develops new regulations, directs the staff that is not only inter-preting Dodd-Frank but also dealing with market structure issues such as high-frequency trading.

THOMAS DEAS, PRESIDENT, NACT; TREASURER AND VP, FMC CORP.As regulators mulled how to regulate OTC derivatives, Deas worked to explain the perspective of com-panies that rely on derivatives to hedge their risks and argue for rules that allow that use to continue.

Lázaro Campos

Steve Jobs

Seth Merrin

Ben Bernanke

36 TREASURY & RISK JUNE 2011 treasuryandrisk.com

Ronald Dickel

RONALD DICKEL, VP OF FINANCE AND DIRECTOR OF GLOBAL TAX AND TRADE, INTELAs a key corporate participant on tax and fiscal policy issues, Dickel is expected to play a major role in the coming efforts to reform corporate taxes.

JAMES DOTY, CHAIRMAN, PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARDThe new PCAOB chairman plans to revamp the report prepared by external auditors to make it more useful and is arguing for more openness in the PCAOB’s disciplinary proceedings against audit firms.

TIMOTHY GEITHNER, SECRETARY, U.S. TREASURYThe Treasury secretary still has a plate heaped with pressing topics, ranging from the European debt crisis to the U.S. debt ceiling and the Obama administration’s efforts to rework the corporate tax code.

GARY GENSLER, CHAIRMAN, U.S. COMMODITY FUTURES TRADING COMMISSIONGensler, a former Goldman Sachs partner, is in the hot seat as he leads regulators’ efforts to write the rules that will implement Dodd-Frank’s restrictions on OTC derivatives.

DAVID HIRSCHMANN, SENIOR VICE PRESIDENT, U.S. CHAMBER OF COMMERCEHirschmann and the chamber, together with the Business Roundtable, have put a stop for the time being to proxy access with a lawsuit that charges the SEC failed to consider the impact on companies.

FRANK KEATING, PRESIDENT AND CEO, AMERICAN BANKERS ASSOCIATIONKeating only arrived at the ABA this year, but he has played a prominent role in the industry’s efforts to limit its pain from Dodd-Frank and regulators’ positions on interchange fees.

SCOTT O’MALIA, COMMISSIONER, U.S. COMMODITY FUTURES TRADING COMMISSIONAs the CFTC debated how best to regulate the derivatives market, O’Malia argued for regulations that will make it feasible, and affordable, for corporate hedgers to continue to use derivatives.

MARY SCHAPIRO, CHAIRMAN, U.S. SECURITIES AND EXCHANGE COMMISSIONDodd-Frank left the SEC with a mountain of regulations to write, on top of the agency’s many other priorities, and now Congress threatens to cut Schapiro’s budget.

GOVERNMENT AGENTS

BARACK OBAMA, PRESIDENT OF THE UNITED STATES OF AMERICAThe president got a boost from the dispatch of Osama bin Laden, but back in Washington, GOP legis-lators are pushing for a confrontation on fiscal policy, and the 2012 election looms.

U.S. REP. SPENCER BACHUS (R-ALA.), CHAIRMAN, HOUSE FINANCIAL SERVICES COMMITTEEBachus, who will have a lot of influence over how Dodd-Frank is implemented, complains that the legislation tries to “micromanage” the financial industry and says regulatory agencies’ rule-making is being “rushed.”

SEN. DICK DURBIN (D-ILL.)Durbin roiled the banking world with his fight to limit the debit card interchange fees that banks charge retailers, an effort that was highlighted by his public spat with Jamie Dimon.

DOUGLAS ELMENDORF, DIRECTOR, CONGRESSIONAL BUDGET OFFICEServing as a fiscal arbiter amid the flame-throwing on Capitol Hill these days sounds like hazardous duty, and Elmendorf’s analyses and estimates displease both Republicans and Democrats.

U.S. REP. BARNEY FRANK (D-MASS.)After shepherding Dodd-Frank into law in 2010, the powerful Massachusetts Democrat faces the battle over implementing the new law, with an emboldened Republican majority in the House vowing to hobble it.

U.S. REP. DARRELL ISSA (R-CALIF.), CHAIRMAN, HOUSE COMMITTEE ON OVERSIGHT AND GOVERNMENT REFORMIssa plans to use his subpoena power to challenge the White House and government regulators, call-ing Obama “one of the most corrupt presidents of modern times.”

Timothy Geithner

Gary Gensler

Barack Obama

Spencer Bachus

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Paul Ryan

Mark Carney

Angela Merkel

Masaaki Shirakawa

JOSHUA ODINTZ, CHIEF TAX COUNSEL, NATIONAL COMMISSION ON FISCAL RESPONSIBILITY AND REFORMOdintz played a major role in work of the bipartisan commission appointed by Obama, which came up with recommendations for reducing the deficit and tackling a looming crisis in the funding of Medicare and Social Security.

U.S. REP. PAUL RYAN (R-WISC.), CHAIRMAN, HOUSE BUDGET COMMITTEERyan met with serious criticism for his “Roadmap for America,” but his proposal gave a jolt of re-newed urgency to the debate about the federal deficit.

GLOBAL LEADERS

MARK CARNEY, GOVERNOR, BANK OF CANADAThe head of Canada’s central bank wins kudos for his skillful handling of the financial crisis, which included a public commitment to keep interest rates low for at least a year.

MARIO DRAGHI, GOVERNOR, BANK OF ITALYDraghi is expected to succeed Jean-Claude Trichet as head of the European Central Bank. With the bailout of Greece looking shaky and the credit situation of a number of second-tier Euro-zone economies worsening, Draghi may end up wishing he’d stayed at the Bank of Italy.

MERVYN KING, GOVERNOR, BANK OF ENGLANDKing gets credit for pressing the U.K. government to reduce the bonuses that top British bankers have been paying themselves.

LOU JIWEI, CHAIRMAN AND CEO, CHINA INVESTMENT CORP.With more than $332 billion to play with, Lou is clearly one of the world’s most influential investors. CIC is locking up access to Iranian and Iraqi oil, as well as other commodities around the globe, and buying industrial assets, including a 15% stake in Virginia power company AES.

ANGELA MERKEL, CHANCELLOR, GERMANYAs the leader of Europe’s largest and strongest economy, Merkel played a central role in dealing with threatened defaults by weaker EU member states like Ireland, Greece and Portugal. Faced with a German public unhappy with the bailout, critics say she has been slow to act, but she nonetheless managed to win backing for the rescues.

MASAAKI SHIRAKAWA, GOVERNOR, BANK OF JAPANShirakawa played a key role in keeping liquidity flowing in Japan’s economy following the trio of di-sasters, at the same time struggling to keep the yen from appreciating and crushing Japanese exports.

ALEXANDRE TOMBINI, PRESIDENT, BANCO CENTRAL DO BRASILTombini is fighting to rein in credit and tamp down Brazil’s galloping inflation, which pushed con-sumer prices up 6.4% over the first four months of this year.

ZHOU XIAOCHUAN, GOVERNOR, PEOPLE’S BANK OF CHINAAs head of China’s central bank, Zhou oversees the gradual drive toward making the renminbi fully convertible. At the same time, Zhou clamped down on credit in an effort to tame inflation.

HEAVY HITTERS

VIRAL ACHARYA, PROFESSOR OF FINANCE, NEW YORK UNIVERSITY’S STERN SCHOOL As central banks focus more on the financial sector’s stability, Acharya and a group of colleagues devised an approach that models the extent of the capital shortage big banks might face in a future financial crisis.

BEN CAMPBELL, PRESIDENT AND CEO, CAPITAL ADVISORS GROUPCampbell’s firm put a strong emphasis on managing risks related to short-term investments, a stance evident in Capitol Advisors’ early warning on auction-rate securities. More recently, the firm rolled out FundIQ research to look at the risks involved in institutional money funds.

Ben Campbell

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Raghuram Rajan

Steve Ballmer

Margaret Foran

Maya MacGuineas

MARVIN GOODFRIEND, PROFESSOR OF ECONOMICS, CARNEGIE-MELLON UNIVERSITY’S TEPPER SCHOOL OF BUSINESSWhen the Fed switches to tightening, it will have a new tool at its disposal: paying interest on the reserves banks hold at the Fed, an innovation whose adoption reflects Goodfriend’s research.

WILLIAM GROSS, FOUNDER AND CO-CHIEF INVESTMENT OFFICER, PIMCOGross, who runs the world’s biggest bond fund, announced this year that he was unloading govern-ment securities, in a trenchant criticism of U.S. fiscal policy.

MAYA MACGUINEAS, PRESIDENT, COMMITTEE FOR A RESPONSIBLE FEDERAL BUDGETAs head of this bipartisan group, MacGuineas held politicians’ feet to the fire in December, blasting the Obama administration and Republican congressional leaders for following up their budget com-promise with a “stinker” of a tax cut plan.

RAGHURAM RAJAN, PROFESSOR OF ECONOMICS, UNIVERSITY OF CHICAGO’S BOOTH SCHOOL OF BUSINESSRajan, the former chief economist at the IMF, met with scorn when he warned in 2005 of looming risks posed by the activities of the financial sector. Now his work on financial risks garners attention.

MOVING TARGETS

ROGER ALTMAN, FOUNDER AND CHAIRMAN, EVERCOREAltman’s boutique investment banking firm, in existence only since 1996, has run up an impressive string of assignments recently, including advising on AT&T’s T-Mobile deal, Exelon’s bid for Constel-lation and General Motors’ $20 billion IPO.

STEVE BALLMER, CEO, MICROSOFTIn a surprise move, Ballmer moved to bolster the software giant’s Web capabilities with an $8.5 bil-lion bid for video and Voice over Internet Protocol provider Skype.

JAMIE DIMON, CHAIRMAN AND CEO, J.P.MORGAN CHASE & CO.Dimon and J.P. Morgan started 2011 with a bang with the news the bank was advising AT&T on its bid for T-Mobile, signaling its investment banking chops, and providing AT&T with a $20 billion loan, a tribute to the strength of J.P. Morgan’s balance sheet.

MARGARET FORAN, CHIEF GOVERNANCE OFFICER, CORPORATE SECRETARY AND VP, PRUDENTIAL FINANCIALPrudential’s 2011 proxy filing has won kudos for setting out information in easy-to-understand lan-guage, as Foran continues to establish best practices in the field of governance.

JEFFREY IMMELT, CHAIRMAN AND CEO, GENERAL ELECTRICA high profile can be a mixed blessing. The administration’s naming Immelt to head its Council on Jobs and Competitiveness drew criticism of the extent of GE’s offshore employees, and then reports on GE’s tax strategies made the company the poster child for corporate tax avoidance.

JIM KAITZ, PRESIDENT AND CEO, ASSOCIATION FOR FINANCIAL PROFESSIONALSKaitz raised the visibility of the treasury profession with his work in Washington on a range of con-cerns, including derivative and money fund regulations and tax issues.

JULES KROLL, CHAIRMAN AND CEO, KROLL BOND RATING AGENCYKroll is a pioneer in the field of corporate investigations and security, and he used that experience to take on the established credit rating agencies with his start-up.

RANDALL STEPHENSON, CHAIRMAN, CEO AND PRESIDENT, AT&TStephenson’s $39 billion bid for T-Mobile is meant to remedy the shortfalls in AT&T’s infrastructure, a move that should make for happier customers—assuming regulators approve the transaction.

ANN YERGER, EXECUTIVE DIRECTOR, COUNCIL OF INSTITUTIONAL INVESTORSYerger played a big role in pushing for the federal requirement that U.S. public companies give share-holders a vote on executive compensation, or “say on pay.”

Jeffrey Immelt