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Most Powerful Women: A year of highs and lows

Company: General Dynamics

Title: President and CEO

General Dynamics (GD, Fortune 500) exec Phebe Novakovic enjoyed quite the career bump in May, when the former head of marine systems was named president and COO at the defense contractor. Just one month later, current CEO Jay Johnson announced his retirement and succession plan: Novakovic will replace him on January 1.

NEXT: Ginni Rometty

By Colleen Leahey @FortuneMagazine - Last updated December 26 2012 12:09 PM ET

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