The National Magazine Award for General Excellence is the highest honor a magazine can win. It is the Pulitzer Prize of our business. On Apr. 23, BUSINESS WEEK received the award for magazines with circulations over 1 million--the second time in three years we have won it. Two days later, we got the Overseas Press Club's prize for the best business reporting from abroad in magazines. We are deeply honored.
For the general excellence award, the judges cited three issues:
"Blind Ambition" (Oct. 23, 1995) was an investigative report of wrongdoing at Bausch & Lomb Inc. Two months later, CEO David E. Gill told the B&L board he would take early retirement.
The story on Bankers Trust Co. (Oct. 16, 1995) detailed the inner workings of a group at BT that sold derivatives to corporate clients, including Procter & Gamble Co. After P&G sued BT for fraud, BUSINESS WEEK was prevented from publishing the story for three weeks by a federal judge. Ultimately, in a major First Amendment case, a federal appeals court vindicated the magazine, declaring the judge's order unconstitutional.
"The Software Revolution" (Dec. 4, 1995) analyzed the profound changes caused by the Internet.
The Overseas Press Club cited us for "China's New Elite" (June 5, 1995) a look at the generation of leaders who survived the Cultural Revolution and are poised to reshape China.
We are proud of these awards and grateful to the judges. Far from resting on our laurels, we pledge to you, our readers, that we will seek new levels of excellence in the weeks ahead.