Former GE Chairman and CEO Jack Welch dies at 84

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Jack Welch, the former chairman and CEO of General Electric (GE) died on March 2. He was 84. His wife Suzy made the announcement, CNBC.com reported.

Welch, who was the son of a railroad conductor, led General Electric for around 20 years as its chairman and CEO.

Under his leadership, GE’s market value grew to $410 billion from $12 billion and was once ranked the world’s second-most valuable firm.

Welch joined GE in 1960 as a chemical engineer and retired from the company in September 2001.

Welch – known as “Neutron Jack” for cutting thousands of jobs – bought and sold scores of businesses, expanding the industrial giant into financial services and consulting.

He was elected the company’s youngest vice president in 1972 and became vice chairman in 1979. In December 1980, it was announced that he would succeed CEO Reginald Jones and in April 1981 he took over as the company’s eight chairman and CEO.

GE saw great growth and expansion under Welch’s leadership. Through 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.

GE did not immediately respond to Reuters request for comment.

With inputs from Reuters.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow