Business luminary Welch passes away
Print Edition
Jack Welch, who grew General Electric during the 1980s and 1990s into the most valuable public company in the United States, died yesterday at the age of 84.
Welch 鈥 known as 鈥淣eutron Jack鈥 for cutting thousands of jobs 鈥 bought and sold scores of businesses, expanding the industrial giant into financial services and consulting. Under his leadership, GE鈥檚 market value grew from US$12 billion to US$410 billion, but his push to build out GE Capital鈥檚 financing business nearly proved the undoing of the entire company during the global financial crisis more than a decade ago.
At the end of 1980, Welch became CEO and added Chairman to his job title a few months later, a position he held for 20 years. He was succeeded by Jeff Immelt.
By streamlining operations, acquiring new businesses and ensuring that each business under the GE umbrella was one of the best in its field, the company was able to expand dramatically from 1981 to 2001.
He joined GE in 1960 as a chemical engineer for its plastics division. He was elected the company鈥檚 youngest vice president in 1972.
In 1999, Fortune named him 鈥淢anager of the Century,鈥 and the Financial Times named him one of the three most admired business leaders in the world.
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