FORTUNE Magazine masthead FALL 1992 VOL. 126, NO. 9
By

(FORTUNE Magazine) – EDITOR-IN-CHIEF Jason McManus EDITORIAL DIRECTOR Richard B. Stolley CORPORATE EDITOR Gilbert Rogin DIRECTOR OF NEW MEDIA John Papanek

TIME INC. CHAIRMAN, CEO Reginald K. Brack Jr. PRESIDENT Don Logan EXECUTIVE VICE PRESIDENTS Donald J. Barr, Donald M. Elliman Jr., Robert L. Miller Founder Henry R. Luce, 1898-1967

MANAGING EDITOR Marshall Loeb EXECUTIVE EDITOR Allan T. Demaree ASSISTANT MANAGING EDITORS Walter Kiechel III, Ann M. Morrison INTERNATIONAL EDITOR Donald D. Holt ART DIRECTOR Margery Peters PICTURE EDITOR Michele F. McNally BOARD OF EDITORS Evelyn Benjamin, Vivian Brownstein, Charles G. Burck, Gene Bylinsky, Geoffrey Colvin, Julie Connelly, John J. Curran, Marta Fitzgerald Dorion, Edmund Faltermayer, Susan Fraker, Keith R. Johnson, Richard I. Kirkland Jr., Louis Kraar, Kenneth Labich, Colin Leinster, Carol Junge Loomis, Myron Magnet, Peter Nulty, Peter Petre, Bill Saporito, Stratford Sherman, Lee Smith (Washington), Alex Taylor III SENIOR EDITOR John Huey ASSOCIATE EDITORS Kate Ballen, Rosalind Klein Berlin, Susan Caminiti, Alan Deutschman (San Francisco), Ann Reilly Dowd (Washington), Brian Dumaine, Alan Farnham, Jaclyn Fierman, Anne B. Fisher, Catherine Comes Haight, Ronald Henkoff (Chicago), Paul Hofheinz (Bonn), Richard D. Hylton (San Francisco), David Kirkpatrick, Susan E. Kuhn, Andrew Kupfer, Alicia Hills Moore, Rob Norton (Washington), Brian O'Reilly, Terence P. Pare, Nancy J. Perry (Los Angeles), Carla Rapoport (European editor), Faye Rice, Louis S. Richman, Lenore Schiff, Brenton R. Schlender (Tokyo), Patricia Sellers, Andrew Evan Serwer, Joseph Spiers, Thomas A. Stewart, Shawn Tully, Wilton Woods CONTRIBUTING EDITOR Daniel Seligman REPORTERS James Aley, Mark Alpert, Andrew Erdman, Mark D. Fefer, Jacqueline M. Graves, Ani Hadjian, Rahul Jacob, Cindy Kano (Tokyo), Laurie Kretchmar, John Labate, Stephanie Losee, Justin Martin, Thomas J. Martin, Joshua Mendes, Antony J. Michels, Shelley Neumeier, Suneel Ratan (Washington), Jennifer Reese, Alison Rogers, William E. Sheeline, Sally Solo, Ricardo Sookdeo, Alison L. Sprout, Richard S. Teitelbaum, Rick Tetzeli, Emily Thornton (Tokyo), Tricia Welsh, John Wyatt ART STAFF Joan Hoffman, Renee Klein, Leo F. McCarthy (associate directors), Linda Eckstein, Frances Fifield, Jean Held, Maria Keehan, Nai Lee Lum, Tony Mikolajczyk, Barbara R. Smyth (designers) PHOTOGRAPHY Elizabeth Cheng Krist, Eric Godwin (assistant picture editors), Julie B. Ades, Maureen Duffy Benziger, James M. Tarrant EDITORIAL OPERATIONS Donald G. Biglands (director), Carol Gwinn (copy chief), Charles Blackwell (deputy), J. Randall Sizemore (operations chief), David Sloan (deputy), Christopher E. Green (technology manager), Charles J. Attardi, Leslie Brenner, Jonathan Brown, Leon A. Douglas, Edith Firoozi Fried, Scott Kelliher, Daniel Lawrence, Michelle Lockhart, Frances Owles, David V. Rile, Mary Alice Rudovsky, Sara Solberg, Dennis Williams, David Wray IMAGING Richard J. Sheridan (manager), John F. Carnesi, Jeffrey W. Fulton, William Giersbach, Kyle Hislip, Angel A. Mass, Janet Miller, Richard K. Prue, Kate Sullivan, Paul Tupay PRODUCTION Thomas C. Colaprico (makeup manager) EDITORIAL FINANCIAL MANAGER Eileen Naughton EDITORIAL ASSISTANTS Robin Blackburn, Bernadine Crawford, Kelly Gallagher, Anne Gut, Diane Hendrix-Colley, Kerry L. Hubert, Deborah L. Morris, Carolyn Sampson EDITORIAL SERVICES Christiana Walford (director)

PUBLISHER James B. Hayes CONSUMER MARKETING DIRECTOR Brian D. Wolfe BUSINESS MANAGER Merida Welles PRODUCTION DIRECTOR Guy Gleysteen FORTUNE ENTERPRISES DIRECTOR John S. Needham ADVERTISING SALES DIRECTOR C. Stuart Arnold MARKETING DIRECTOR Leslie Gaines-Ross PROMOTION DIRECTOR David L. Nimz PUBLIC RELATIONS DIRECTOR Emma C. Dockendorff