The bottom has dropped out of the banking business, brokerages are floundering, home foreclosures are soaring, and the threat of recession looms. What better time to inaugurate a list of the smartest executive moves of the year?

Picking the winners is a subjective process, to be sure, and open to plenty of debate. And being smart is not the same as doing the right thing—though, thankfully, the two usually go hand-in-hand.

Appearing on Portfolio.com's list of the Ten Smartest C.E.O. Moves doesn't necessarily mark a great year for anyone. Indeed, being on the list doesn't mean an honoree is himself is smarter than his peers, just as exclusion isn't meant to imply the opposite.

But making does mean that the lucky winners were savvy enough—or lucky enough—to avoid embarrassment, make a mint, or just keep their job.

And, so, our nominees...