Harvard Business School (HBS) selected five alumni who have made their mark on the business world to receive its highest honor, the Alumni Achievement Award, last Thursday.

“It is the highest honor HBS can bestow on an alumnus,” said Harvard Business School spokesman James E. Aisner ’68. “In some ways this is our honorary degree, our Oscar, our Emmy, whatever you want to call it.”

The five honored alumni have all sat at the helms of major corporations since their graduation from HBS.

Louis V. Gerstner, Jr., MBA ’65, ran the computer company IBM from 1993 to 2002 and is now chairman of the investment titan Carlyle Group.

Joseph J. O’Donnell, MBA ’71, grew the Boston Culinary Group into a 12,000-employee food service company.

Judith R. Haberkorn, a 1992 graduate of the Advanced Management Program, was president of consumer sales and services for Verizon and helped guide the company through the breakup of the Bell System prior to retiring.

Another recipient, Rahul Bajaj, MBA ’64, has run the Indian auto manufacturer Bajaj Auto Ltd., the fourth-largest manufacturer of three-wheeled scooters and motorcycles in the world, for the past four decades.

And Nancy M. Barry, MBA ’75, ran task forces at the World Bank until 1990, when she took over the philanthropic Women’s World Bank.

“I could get 20 awards, and I could never pay back what Harvard Business School meant to me,” said O’Donnell, who added that she was grateful, but slightly embarrassed, to receive the award. “I felt self conscious. You don’t do things to get awards.”

Other honorees also said they appreciated the recognition.

“Harvard Business School is about making a difference, and the acknowledgement that I have is very meaningful,” said Barry, who stayed the weekend for her class’ 30th reunion. “My classmates seem to be very happy and proud of me.”

Barry and the other honorees also had the chance to interact with HBS’ newest class. The five recipients discussed case studies with the entire first-year business school class before the awards ceremony.

“These [honorees] are people that can provide, in a sense, some sort of inspiration to people who want to go into leadership in business,” said Aisner.

The festivities included a reception at the house of HBS Acting Dean Jay O. Light, followed by an awards dinner at the Spangler Center.

Some of the award recipients said they were glad to see the ways in which HBS has changed since they attended.

“It’s much more diverse. There’s women who are sitting alongside with men in every way, and it’s international in scope,” said O’Donnell.