Biography
American business executive, perhaps the most touted CEO in America
over the past 20 years. The head of General Electric from 1981, Welch
retired on 9/07/2001 with a record of returning more value to shareholders
than even Bill Gates or Sam Walton, an increase of more than 3,000% during
his tenure. His autobiography, "Jack: Straight From the Gut,"
became an instant best-seller upon its publication, 9/11/2001.
Welch recreated GE, taking an inefficient company into an upwardly
mobile behemoth that sells airplane engines, provides mortgages and runs a
TV network. A ferocious deal-maker, he was named Manager of the
Century by Fortune magazine. For 20 years, Jack worked his way
through GE, including the plastics division and Credit corporation, rising
to the top job in 1981, succeeding Reginald Jones. When he retired, he
left his hand-picked successor, Jeff Immelt. He spent five weeks on a tour
to promote the book that copped a $7 million dollar advance, and was then
available as a Consultant. He joined a New York private equity firm as a
special partner.
A slight man who speaks with a heavy Boston accent, Jack comes across
like an ordinary Joe, putting people at ease. He can be blunt, crude,
coarse, profane and funny, what may be called “paht of his chahm.” He’s
a man’s man with three passions; G.E., golf and the Boston Red Sox. He
went through a divorce and two heart attacks along the way and admits that
he could have been a better dad to his four kids. He was the only child of
older parents. His dad was a conductor on the railroad and he was closest
to his mom, who encouraged his self-confidence when he stuttered. He was
devastated by her death in 1965. He studied chemical engineering at
the University of Illinois and started with GE in 1960 at a salary of
$10,500 a year.
When his first marriage broke up in 1987, he wrote that it was “difficult
and painful.” As to parenting, he could only note that he was “the
ultimate workaholic.” His second wife, Jane, is a spirited
Alabama-born lawyer 17 years younger than he. They both love golf and
are both club champions. They live in Connecticut but vacation in
Nantucket. Welch's second marriage came to an end with the public
disclosure of his affair with Suzy Wetlaufer, 42, a divorce who edits the
Harvard Business Review. Wetlaufer was openly delighted in telling
colleagues that their relationship began in November 2001, after she
completed a series of interviews to compliment the publication of his
book. It was ongoing when it reached the pages of Time magazine in March
2002.
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