Jack Welch, the former chairman and CEO of General Electric, passed away at the age of 84 on Sunday night due to renal failure. He led the company from 1981 to 2001, leaving behind a legacy of remarkable financial success and controversial business decisions.
Current GE CEO Larry Culp expressed his condolences, stating, “Today is a somber day for the entire GE family. Jack was a larger-than-life figure and a central figure at GE for five decades. He transformed our company and the business landscape. Despite not having directly worked under him, Jack had a significant and enduring impact on my career.”
During Welch’s time as CEO, General Electric experienced significant growth, with its market value soaring from $14 billion to over $400 billion. Welch was known for expanding GE’s operations into new areas. He played a key role in the establishment of CNBC in 1989 and orchestrated the acquisition of RCA, which was later sold to Comcast in 2013. Welch also oversaw the creation of GE Capital, which became one of the world’s largest financial institutions until it was affected by the 2008 financial crisis.
Welch earned the nickname “Neutron Jack” in business circles due to his knack for implementing substantial layoffs and restructuring within the company. According to his 2001 autobiography, “Jack: Straight From the Gut,” Welch reduced GE’s workforce from 411,000 to 299,000 in his initial five years as CEO.
A funeral service for Welch will be held at a later date at St. Patrick’s Cathedral in New York. He is survived by his third wife, Suzy Welch.
