Iconic American businessman who helped General Electric transform into one of the world’s industrial flagships passed away on Monday at the age of 84, said the company.
Confirming the news of his demise, General Electric CEO Larry Culp in an email said, “Today is a sad day for the entire GE family. Jack was larger than life and the heart of GE for half a century. He reshaped the face of our company and the business world.”
Welch was regarded as the “Manager of the Century” in 1999 by Fortune Magazine for his stint at GE. Welch was responsible for the transformation of GE into a sprawling conglomerate during his two decades tenure as the CEO of the company. He was also considered to be one of the most influential men in the business ecosystem.
Son of a train driver, Welch, rose to the position as CEO with his hard work and dedication. He expanded GE beyond the company’s signature household appliances, into the financial sector with GE Capital and into media with NBCUniversal. Under his leadership, the company saw a growth in market capitalization from $12bn to $410bn at the time of his departure from the company.
Remembering Welch for his contribution to the United States, POTUS Donald Trump twitted, “There was no corporate leader like ‘neutron’ Jack. He was my friend and supporter. We made wonderful deals together. He will never be forgotten.”
Welch was often called as “Neutron Jack” because of the ruthless job cuts during his tenure as CEO. In his memoir, Welch had said that GE’s workforce shrank from 411,000 to 299,000 in his first five years as CEO.
Born in Massachusetts, Welch received a doctorate in 1960 and joined GE the same year as a chemical engineer in its plastics division, rising through the ranks to become vice chairman in 1979, then CEO two years later.
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