Jack Welch, former GE CEO, has died.
“Today is a sad day for the entire GE family,” said GE CEO Larry Culp in a statement Sunday, February 1st, and it was because 84 year-old Jack Welch passed away due to renal failure.
He became CEO of GE in 1981 and led it until his retirement in 2001 through two decades of extraordinary corporate prosperity, becoming one of the most influential business manager of his generation, reports The New York Times. During those two decades, the financial might and market value GE enjoyed of turned him into “Manager of the Century” by Fortune magazine in 1999. By combining strategic insights with managerial innovations, GE’s revenue jumped nearly fivefold under his tenure to $130 billion, while the value of its shares on the stock market soared from $14 billion to more than $410 billion.
“Jack was larger than life and the heart of GE for half a century,” Culp noted,”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.”
Steve Lohr and “Mr. Welch distilled his management concepts in one-sentence nuggets.
“Control your destiny, or someone else will.” “Be candid with everyone.” “Bureaucrats must be ridiculed and removed.” “If we wait for the perfect answer, the world will pass us by.”
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!
— Donald J. Trump (@realDonaldTrump) March 2, 2020
