American Businessman Jack Welch Takes his Last Breath

The company said Jack Welch, a legendary American businessman who developed General Electric into one of the world’s industrial flagships, died on Monday at the age of 84. Dubbed in 1999 by Fortune magazine as the “boss of the century,” Welch turned GE during his two decades as chief executive into a sprawling conglomerate and was considered among the most influential figures in the global business community.

Welch, the son of a train driver, extended GE to finance through GE Capital and media through NBCUniversal, beyond household appliances, education and aeronautics. The market capitalisation of the firm rose from $12 billion when it took over in 1981 to $410 billion when it left.

The entrepreneur did not mind their reputation. He said in his memoirs that in his first five years as CEO, GE’s workforce shrank from 411,000 to 299,000.

American Businessman’s Reign Highlights Due to 9/11

Born in Massachusetts, Welch earned a PhD in 1960. He decided to join GE in his plastics division the same year as a chemical engineer. It rises through the ranks to become vice president in 1979, then two years later as CEO. Yet his reign in bitter failure after European authorities refused GE’s proposed merger. This is with Honeywell, another manufacturing giant in the United States.

Welch left GE in 2001, turning over a business in good health to his successor Jeff Immelt. It is a few days before Al-Qaeda’s September 11, 2001 attacks. Immelt’s reign highlights by 9/11. the Internet bubble bursting and the global financial crisis. It forced him to sell NBCUniversal to cable operator Comcast. This is while GE Capital would have to liquidate one asset after the other.

The organization is now struggling for its life. It expels from the Dow Jones Industrial Average, a Wall Street index. This is under new CEO Larry Culp, worth just $95 billion.

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