"I resist the idea that there is a new economy-something that is separate and distinct from some other economy."

When former American Express and RJR Nabisco executive Louis Gerstner Jr. arrived at IBM in April 1993, he took the helm of what seemed like a sinking ship. The company was hemorrhaging money, had lost its direction and, it seemed, its will to compete. Plans were in place to break IBM into smaller, independent businesses. But Gerstner shelved those plans and told his charges their hopes lay in wielding the sweeping power of the existing Big Blue, if it could be retooled for a new day of unceasing competition.

The turnaround has since become legend. Gerstner pushed IBM into the services business, now the fastest-growing segment of the roughly $90 billion company. Big Blue has also branded itself as the e-business leader, while continuing to innovate in storage, semiconductors, database technology and high-end computer systems.