New Year Honours: Reid and Witty business knights
The chief executive of drugs giant Glaxo Smith Kline, Andrew Witty, and the former chairman of Tesco, David Reid, have both been knighted.
The New Year Honours include a CBE for Gerald Ronson, jailed over the Guinness share trade scandal, and a knighthood for Apple designer Jonathan Ive.
Sir Andrew became GSK chief executive in 2008 and recently announced a possible malaria vaccine from the firm.
Sir David stepped down as chairman of Tesco in November.
He had been in the role since 2004 after joining the firm as finance director in 1985. His departure formed part of a significant change in management at the UK's largest retailer.
In March, long-standing chief executive Sir Terry Leahy stepped aside to be replaced by Philip Clarke, while Sir David has now been replaced by former investment banker Sir Richard Broadbent.
The Lord Mayor, Michael Bear, was also knighted in the list for his service to regeneration, charity and the City of London.
In total, industry and the economy make up 12% of this year's New Years Honours list recipients.
Mr Ronson's CBE is for charitable services.
In 1990, he was fined £5m and jailed for false accounting, theft and conspiracy to contravene the 1958 Prevention of Fraud Act for a scheme designed to inflate the Guinness share price during a takeover battle.
However, his Heron group property empire, which he founded aged 17, survived and has built up a portfolio across Europe, including the 46-storey office building Heron Tower in London.
He has donated all his shares in the group to a charitable foundation benefiting Great Ormond Street Hospital and the National History Museum, amongst others.
Nissan executive Trevor Mann and Helena Morrissey, chief executive of Newton Investment Management were also appointed CBEs.
Ms Morrissey formed the 30 Percent Club which campaigns for companies to employ more female directors.
OBEs also went to Hawley Parsons, founder and chief executive of Gocompare.com, and Vanni Treves.
Mr Treves, former chairman of Equitable Life, won his award for services to education as the chair of the National College for School leadership.
Former member of the Bank of England monetary policy committee, Dr Andrew Sentence, is made a CBE for services to the economy.
Sir Andrew joined GSK in 1985, becoming chief executive in 2008.
The year 2011 has been difficult for the firm, which has had to pay £1.6bn to settle litigation over diabetes drug Avandia, banned in Europe because of a suspected link to heart disease.
In the US, it has agreed to pay $3bn (£1.9bn) to settle all US investigations into the way the company marketed its products.
But the firm has returned to profit and also saw a pick up in sales in the third quarter of the year.
It also says it has tried to improve access to its medications in developing countries.
In June, several major drugs companies, including GSK, announced big cuts to the amounts they charge for their vaccines in the developing world.
Sir Andrew has also been a keen promoter of GSK's work in developing a possible malaria vaccine.