Jack Welch

Introduction John F. Welch Jr. has been classified as the quintessential corporate manager of the last decade. As he retires from his position as the CEO of General Electric this fall, the programs that he implemented at GE will remain as a positive blueprint for other companies to model. Not only has he generated an astounding increase in the profitability of GE for its stockholders, he has increased the financial involvement of GE employees through stock options and benefit packages. When Jack Welch took over the reigns at GE in 1981, the total market capitalization of the company was $13.9 billion. By the time he retired, profits had swollen to nearly $411 billion, nearly 30 times previous earnings. This stunning success helped persuade corporate America that enriching shareholders is critical to a CEO's job description. Due to the successes at GE, Welch's practices such as restructuring to streamline costs, concentrating on core businesses with leadership positions, and encouraging responsibility subordinates to control their destinies have become a model for other corporations emulate.

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Yalta summit in February 1945 with (from left to r...

Welch

Childhood and Education Welch, a native of Salem, Massachusetts, received his B.S. degree in chemical engineering from the University of Massachusetts in 1957. He went on to receive his M.S. and Ph.D. degrees in chemical engineering from the University of Illinois (Robert Slater, 1993). Born November 9, 1935, Welch grew up as an only child. His parent's heritage is derived from Irish immigrants, and although they did not finish high school they instilled the importance of higher education in their son. Jack Welch was deeply devoted to his mother because she taught him the importance of controlling one's own destiny and confronting reality bluntly. These lessons will play a major role in shaping the kind of person that he will ultimately become. His mother was critical in...