Jack Welch, former longtime CEO of General Electric, has died. He was 84 at the time of his passing.
Welch took the mantle of CEO in 1981 and oversaw the company through a highly successful period. He retired in 2001. During Welch’s tenure as CEO of the company, he led GE to twenty of its most financially successful years in its history.
“Today is a sad day for the entire GE family,” current CEO Larry Culp said in a statement Monday.
“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. Jack was a strong and constant influence throughout my career despite never having worked directly for him.”
Another person who offered condolences for Welch’s passing: Donald Trump. The president Tweeted Monday morning:
“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. We made wonderful deals together. He will never be forgotten. My warmest sympathies to his wonderful wife & family!”
Welch, a staunch Republican, once famously accused the Obama administration of making up fake unemployment numbers in a viral Twitter post.
Welch earned the nickname “Neutron Jack” for his willingness to shed unproductive aspects of the business. Much like a nuclear or covalent bond, he had no trouble remaining cohesive while shedding underperforming businesses or managers. He was known as a shrewd businessman who put profits before anything.
One of his biggest achievements as GE’s CEO was leading the company into financial services. He created GE Capital as the boom of the 90s buoyed the company to extreme success.
GE Capital imploded spectacularly in 2008 during the Great Recession. However, the consulting and brokerage side of the business is remembered as one of Welch’s greatest achievements with the company.
Jack Welch was born in 1935 to Irish-American parents. He received a PhD in 1960 from the University of Illinois. That same year, he joined GE. After a long climb up the corporate ladder, he ascended to the top job of CEO.
He is survived by third wife Suzy Wetlaufer. As for his second wife, Jane Welch, divorce attorneys had to get involved after it was revealed that Welch was cheating on her.
The GE that Jack Welch built looks little like its 2001 self in 2020. Investors are not interested in the “everything and the kitchen sink” approach of Welch’s era. However, his impact on American business is not to be understated.
