Jack Welch: The Legend of Corporate Restructuring by the CEO of GE

Author: Zeng Meng
Publisher:
Publish Date: 2005-03-01
Features: A workaholic who became the youngest CEO in GE history at the age of 45; a master of corporate transformation, hailed as one of the greatest business leaders of the century; and also an ordinary person who understands how to adjust the pace of life, full of passion and charisma.
Jack Welch was born on November 19, 1935, in Salem, Massachusetts. He received a Bachelor's degree in Chemical Engineering from the University of Massachusetts in 1957 and a Ph.D. in Chemical Engineering from the University of Illinois in 1960. In 1960, Welch joined General Electric (GE) in the plastics division. By the end of 1971, Welch became the General Manager of GE's Chemical and Metallurgical Division. In August 1979, he became a Vice Chairman of General Electric. On April 1981, at the age of 45, Welch became the youngest Chairman and CEO in the history of General Electric.
When Welch first took the helm of GE, the company's revenue was $25 billion, with a profit of $1.5 billion, and its market value ranked only tenth among all U.S. listed companies. By 1999, GE had achieved $1110 billion in sales revenue (fifth in the world) and $10.7 billion in profit (global ), with its market value ranking second in the world. When Welch first led GE, only three divisions—lighting, engines, and power—were market leaders. Today, there are 12 divisions that are number one or number two in their respective markets, and if ranked individually, nine of GE's divisions could make it into the Fortune 500. Over the 19 years Welch led GE, the company made rapid progress and was ranked first for three consecutive years in the U.S. "Most Admired Companies" list by Fortune magazine.
Jack Welch's legend does not lie in the wealth and status he represents, but in his unique way of thinking and his relentless pursuit of good ideas. For those who are not content with mediocrity and hope to gain inspiration from great minds, reading Welch is a wise choice.