Legendary Business Magnate and Iconic General Electric’s CEO Jack Welch passed away at the age of 84

Source:-https://finance.yahoo.com/

Jack Welch-19 November 1935-01st March 2020: –

John Francis Welch Jr. or the legendary Jack Welch as better he is known as and who had been a business Magnate and the General Electric’s former CEO is no more. He died at the age of 84 in Manhattan, New York, United States of America. He is closely survived by his wife Suzy Welch and family members including his great companions-The Dogs. The cause of his death is cited to a possible Renal Failure-as quoted by his wife Suzy Welch.

The Legendary Business Magnate and the great well-known icon who led the fortunes of General Electric for a period spanning more than two decades was also named as “Manager of the Century” from Fortune Business Magazine in 1999 as he was instrumental in growing the General Electric’s (GE’s) revenue or market value to nearly fivefold from humble $12billion to a staggering $410 billion.

Such personalities are near rare in the entire business history as from a very humble beginning of being a railroad conductor’s son to becoming Chairman and CEO of GE and leading it from the front for more than two decades and at a turbulent time when the US was controlled largely politically. Being highly Combative and blunt by nature Mr. Welch was determined to win the then busting bureaucratic complacency prevailing and thereby earning another title of “Neutron Jack”, as he slashed a large number of Jobs.

No doubt, that he was instrumental in turning the GE (General Electric) as the global reckoned most notable organization post only to Microsoft by the expansion of both the sales as well as the Manufacturing overseas. Mr. Welch also wrote in his biography and was instrumental in the creation of “An organization that was powered by ample support from self-confident entrepreneurs who would face reality every day.”

He was completely different from the way most large operations used to operate during the 1970s as it was more aggressive and without the usual middle managers and large planning departments kind of leadership which was later taken into account by other corporates as well.

During his reign, Welch was also instrumental in the acquisition and selling up of scores of business ventures and making GE expand its reigns from an Industrial giant to financial services, banking and even consulting. Under his holistic tenure only, GE Capital Bank was commissioned seven years into the tenure and he presided over the acquisition of GE’s 1986 takeover of NBC-owner RCA.

Mr. Welch was also a prolific writer and had published a book in 2001 ‘Jack: straight from Gut’ that he believed and was a huge supporter of the well-known business theory “Six Sigma” and also was instrumental in coining the concept of ‘Vitality Curve’ wherein all skilled managers were ranked according to three groups. ‘A’, ‘B’ and ‘C’ groups wherein the top 20% ‘A’ grouped managers are filled hugely with passion, dedicative for making things happen.

The other core 70% “B” grouped Managers are essential to the company and encouraged to join the A’s. Then there was the bottom 10% “C” group who are known as Underperformers and is a must No for any organization.

GE present company CEO Larry Culp has expressed his disbelief and sadness by stating that “It’s a big black and Sad day for the entire GE family as Mr. Welch was more than its life and the pillar and heart of GE for more than half a century. He reshaped the image and brand of our company and the business world. Jack was a strong and constant influence throughout my career despite never having worked directly for him.”

American President Donald J. Trump stated in a social media channel that “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!”

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