Carolyn McCall, chief executive of GMG, the publisher of the Guardian newspaper, has been named Veuve Clicquot business woman of the year 2008.

The award was created to commemorate Veuve Clicquot, the woman who inherited the champagne company which now bears her name. She was born Nicole Ponsardin and maried Francois Cicquot, becoming known as Veuve Clicquot after his death. When she was 27, she took over her husband's vineyards and invented a system for clarifying wine which is still used by champagne producers today.

This is the 35th year of the award which annually tells the story of five women who are high achievers in business. The award website explains: 'Their stories are an encouragement and inspiration to younger, aspiring women. It salutes the women of achievement -many of whom work quietly and without acclaim in the many different businesses and industries that contribute to the economic life of this country.'

Finalists this year included Sophi Tranchel, the managing director of Divine Chocolate. The website contains details of past winners.