United State Boston – Jack Welch, who transformed General Electric (GE) into a highly profitable multinational conglomerate in addition to being a role model in business management, has died at the age of 84.
His death was confirmed by the company on Monday. The cause of death was kidney failure, his wife Suzy told The New York Times.
Welch became one of the country’s best-known and most reputable business leaders during his two decades as president and chief executive officer of GE from 1981 to 2001. He personified himself – saying “cult of the CEO” in the late 1990s, when the soaring share price of GE made it the most valued company in the world.
A chemical engineer by training, Mr. Welch transformed the manufacturer of household appliances and light bulbs into a conglomerate of industrial and financial services. During his tenure, GE’s revenues have increased fivefold and the company’s market value has increased 30-fold.
Mr. Welch’s results-oriented management approach and style have been recognized for helping GE make a financial turn, although some of the success has come at the expense of thousands of employees who have lost their jobs. employment in the incessant efforts of the businessman to reduce costs and divest himself of unprofitable activities of the company.
Commercial success and his outspokenness have earned him great renown. In 1999, Fortune magazine called Welch “manager of the century.”
Welch did not slow down after leaving GE.
He became a senior advisor to investment firm Clayton, Dubilier & Rice in 2001. He also taught a course on corporate leadership at the Massachusetts Institute of Technology (MIT). In 2009, Mr. Welch founded the Jack Welch Management Institute, an online program that is now part of Strayer University.
Mr. Welch is survived by his third wife, Suzy Welch, and four children from his first marriage.