Jack Welch, former GE chairman and CEO, dies: CNBC By Reuters No ratings yet.

© Reuters. FILE PHOTO: FILE PHOTO GENERAL ELECTRIC CHIEF WELCH.

(Reuters) – Jack Welch, who grew General Electric Co (N:) during the 1980s and 1990s into the most valuable public company in the United States, has died at age of 84, CNBC reported https://www.cnbc.com/2020/03/02/jack-welch-obit-ge.html on Monday.

Welch – known as “Neutron Jack” for cutting thousands of jobs – bought and sold scores of businesses, expanding the industrial giant into financial services and consulting. Under him, GE’s market value grew from $12 billion to $410 billion.

In 1960, Welch joined GE as a chemical engineer for its plastics division in Pittsfield, Massachusetts. He was elected the company’s youngest vice president in 1972 and became vice chairman in 1979.

In December 1980, it was announced that he would succeed CEO Reginald Jones and in April 1981 he took over as the company’s eight chairman and CEO. He served in that position until he retired in September 2001.

GE saw great growth and expansion under Welch’s leadership. Through streamlining operations, acquiring new businesses and ensuring that each business under the GE umbrella was one of the best in its field, the company was able to expand dramatically from 1981 to 2001.

GE did not immediately respond to Reuters request for comment.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Please rate this