The leader of General Electric company Schenectady Jack Welch died at the age of 84 on Sunday. Welch was CEO in period 1981-2001, where the company marked saw remarkable revenue growth and improved values of stocks. In the 20 years of tenure, the cost of GE jumped from $14 to $410 billion. It was the result of diversifying the business. He was given the title of ‘ manager of the century’ by fortune magazine. His rule was that if any GE entity is not in top position should be closed Or sold off. This decision led to a fall in employment at a historical rate of 70%.
The Schenectady Facebook page on Monday displayed hate comments against Jack Welch. President Trump, in his twitter account, uses the nickname, Neutron Jack. When Jack Welch was the CEO U.S. military began using the Neutron bomb. This bomb emits high radiation but leaves the building damage free. It only killed people. In one year as many as 6000 people were removed from the job, recalls a city councilman. The people who bought stocks gained profit because the value of the stocks increased. The reverse was the case to shareholders who loose as no benefit shared with them. It caused discontent among people. When the successors of the company were in financial trouble, speculation was there regarding Jack Welch formula.
Trump tweet regarding Jack Welch was no surprise as both shared same arrogant, mean spirited and greedy qualities. Historian hunter appreciates the changes brought by Jack Welch but says the company needed some change in 1981. hunter says welch created a corporate culture. Westinghouse was the main competitor for GE company. But after Jack Welch takes over, Westinghouse merely remained a name. Jack welch was a frequent visitor in Schenectady; he met people unprepared and unannounced.in the company we could see only his professional side of personality.
Current CEO H.Lawrence Culp is attempting to return the company to profitability. He is following the same formula as Jack welch by selling off the business unit and reducing the workforce. General electric has at present 4000 employees. There are around 3000 employees in the sprawling campus and 1000 people in Greenbush and Niskayuna.
Jack welch was born on November 19, 1935, in Salem of MassachusetteMassachusette. Massachusetts He was again in fame due to his innovation in Noryl regarding his plastic. Welch became the youngest vice president of general electric and was the chairman. Then Jack Welch joined as CEO in April 1981. he retired in 2001 September. The value of GE was $399 billion at his resignation. He received a luxurious retirement package. It received criticism. Later on, he was involved in writing and speaking about business and management. He also wrote some of the best selling books with his third wife, Suzy Welch. Welch dies of kidney failure. However, he will serve as a great leader and visionary of a contemporary era. His contribution to America and corporate culture Is commendable.