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- Jack Welch, the former CEO of General Electric who grew the company's stock price by 4,000%, has died at the age of 84
Jack Welch, the former CEO of General Electric who grew the company's stock price by 4,000%, has died at the age of 84
Jack Welch, an influential American businessman and former CEO of General Electric, has died at the age of 84.
Source: CNN, The New York Times
Under his leadership, the company's revenue grew from $25 billion to $130 billion, its income from $1.5 billion to $15 billion, and its market capitalization from $14 billion to $400 billion.
Source: Business Insider, The New York Times
In 1999, Fortune named Welch the "Manager of the Century," both for his work making GE among the world's most valuable companies and for his influence as a managerial thinker.
Source: CNN Money
Jack transformed his personal wealth as well. When he first began working at GE in 1960 as a chemical engineer, he made $10,500 a year, and by the time he left the company in 2001, he was making $16 million a year.
Source: Boston Magazine, CNBC
Jack received a $417 million severance package when he retired, which is one of the largest that any American CEO has ever received.
Source: Forbes
Despite his transformative impact on GE's value, Welch fired over 100,000 people during his first five years as CEO, earning him the nickname of "Neutron Jack," which he despised.
After retiring, Jack wrote multiple books, taught as a visiting professor at MIT's Sloan School of Management, and often appeared on TV as a business commentator.
Source: Business Insider, Forbes
Suzy Welch, his wife at the time of his death, called Jack a "leader, business icon, management genius," and a "lifeforce made of love," in a statement to CNBC after his passing.
Source: CNBC
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