Jack Welch, the GE Chief who became a superstar passed away on Monday. He transformed General Electric Co. into a highly profitable multinational conglomerate and parlayed his legendary business acumen into a retirement career as a corporate leadership guru. He was 84.
His death was confirmed by GE on Monday. The cause of the death was renal failure, his wife Suzy told The New York Times.
During his two decades as GE’s chairman and chief executive, Jack Welch became one of the nation’s most well known and highly regarded corporate leaders.
His decade was from 1981 to 2001. He personified the so-called “cult of the CEO” during the late-1990s boom, when GE’s soaring stock price made it the most valuable company in the world.
GE’s chairman and CEO Larry Culp said in a statement, “Today is a sad day for the entire GE family. 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.”
He went on to say, “Jack was strong and constant influence throughout my career despite never having worked directly for him.”
He became a chemical engineer by training and transformed the company from a maker of appliances and light bulbs into an industrial and financial services powerhouse. During his tenure, Ge’s revenue grew well and the firm’s market capitalization increased 30-fold.
During Welch’s legendary tenure at GE, its value rocketed to $410 billion from $14 billion.
Business success and outspokenness brought him wide fame.