General Electric Co (GE) has announced that its former CEO, Jack Welch, has died at the age of 84. Welch was single handedly responsible for the transformation of a company best known for its production of light bulbs into the USA’s most valuable public company. In the 20-year period with Welch at the helm, GE went from a conglomerate with a market value of US$12 billion into a corporate giant with a US$410 billion value.
“Today is a sad day for the entire GE family,” said H. Lawrence Culp Jr., GE’s chairman and CEO, in a statement. “Jack was larger than life and the heart of GE for half a century. He reshaped the face of our company and the business world.”
Welsh’s nickname “Neutron Jack” came about through his unswerving drive to streamline businesses and to reduce workforce numbers. Welch was also renowned for his in-your-face style and determination to make every business GE acquired the best, or second-best in its field.
