Former Chairman and CEO of General Electric Jack Welch has died at 84.
Welch died from renal failure, his wife Suzy told The New York Times Monday.
He led GE for 20 years from 1981 to 2001, growing it from a $14billion company that made light bulbs and appliances to a financial services and consulting conglomerate valued at $410billion.
In 1999, he was dubbed the ‘manager of the century’ by Fortune magazine and at one point the conglomerate was the world’s second most valuable company, behind Microsoft.
‘Jack Welch, former Chairman and CEO of GE, a business legend, has died. There was no corporate leader like “neutron” Jack. He was my friend and supporter,’ President Trump paid tribute to him in a tweet. ‘We made wonderful deals together. He will never be forgotten. My warmest sympathies to his wonderful wife & family!’
Former Chairman and CEO of General Electric Jack Welch has died at 84. The former chief executive officer of General Electric Co., stands for a photograph at the World Business Forum in New York, October 2, 2013
Welch led GE for 20 years from 1981 to 2001, growing its market value from $12billion to $410billion. Pictured, he speaks at a press conference in New York in this October 23, 2000
‘He was my friend and supporter,’ President Trump paid tribute to him in a tweet. ‘We made wonderful deals together. He will never be forgotten’
Welch was notorious for slashing tens of thousands of jobs, earning himself the nickname Neutron Jack. It was a reference he hated.
He is survived by his wife Suzy and four children from his first marriage to Carolyn B. Osburn. They split in April 1987 after 28 years together.
Welch was married Jane Beasley from 1989 to 2003.
Welch and Suzy met in October, 2001, while Suzy Wetlaufer was working on a story about Welch for the Harvard Business Review. That year he received a $417million severance package from GE.
They married at Park Street Church in Boston, Massachusetts on April 24, 2004.
Suzy has four children from a previous marriage.
Welch was believed to be worth $750million in May 2018. He rose from humble beginnings.
He is survived by his wife Suzy (pictured)and four children from his first marriage. Welch (L), walks down the steps of Park Street Church with Suzy Wetlaufer after their wedding in Boston, Massachusetts, April 24, 2004. The couple met in October, 2001, while Wetlaufer was working on a story about Welch for the Harvard Business Review
Welch was also notorious for slashing tens of thousands of jobs, earning himself the nickname Neutron Jack. He’s pictured June 11, 2016
Welch was born John Francis Welch Jr. on November 19, 1935 in Salem, Massachusetts.
He was the son of a railroad conductor’s and started at General Electric in 1960 as a chemical engineer. He worked his way up to vice president by 1972 and was vice chairman seven years later.
Welch succeeded Reginald H Jones as CEO and Chairman in 1981. He became known for saying ‘Fix it, close it or sell it’ as he transformed the way GE worked. Under his tenure revenue increased five-fold to $130billion.
After his retirement the New York Times wrote that his legacy ‘changed American corporate ethos’.
Welch went on to become an author, commentator, and Executive Chairman of the Jack Welch Management Institute. The Institute is a business school offering an MBA at Strayer University.
In his 2001 book Jack: Straight From the Gut, he describes why he was nicknamed after a neutron bomb.
In the first seven years in the job he expanded GE into financial services and consulting. Under his leadership GE Bank was founded and and the company acquired RCA – which owned NBC, and brokerage firm Kidder Peabody.
The workforce was cut from 411,000 to 299,000 after Welch invented the ‘vitality curve’, which encouraged lay-offs where deemed necessary in order to maintain bottom line earnings.
Welch split the managerial force into groups A, B, and C, considering the top 20 percent ‘passionate’ and the ones who made things happen, the next 70 percent essential employees who encourages group A and the group C the bottom 10 percent ‘under-performers’ who ‘generally had to go’.
But the firm’s market capitalization increased 30-fold under his helm.
He is pictured taking part in a strategic and policy CEO discussion with U.S. President Donald Trump in the Eisenhower Execution Office Building in Washington, April 11, 2017
After his retirement, Welch remained a prominent business figure.
He accused Barack Obama’s economics team of making up employment figures before the election for his second term as president.
‘Unbelievable jobs numbers..these Chicago guys will do anything..can’t debate so change numbers,’ Welch tweeted October 2012.
It was after in September 2012 the Labor Department reported employment numbers had decreased eight percent for the first time since the Great Depression.
Welch was an outspoken Republican. In February 2017 Welch attended a policy forum in the State Dining Room at the White House alongside leaders from the automotive and manufacturing industries, financial and retail services and other powerful global businesses.
He was among guests invited to meet with Trump, his advisors and family.