BOSTON (AP) – Jack Welch, who 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, has died. He was 84.
His death was confirmed Monday by GE. The cause of death was renal failure, his wife Suzy told The New York Times.
Welch became one of the nation’s most well-known and highly regarded corporate leaders during his two decades as GE’s chairman and chief executive, 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.
A chemical engineer by training, Welch 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 nearly fivefold, and the firm’s market capitalization increased 30-fold.
Welch’s results-driven management approach and hands-on style were credited with helping GE turn a financial corner, although some of the success came at the expense of thousands of employees who lost their jobs in Welch’s relentless efforts to cut costs and rid GE of unprofitable businesses.