Quotes and sayings from Jack Welch

John Francis Welch Jr., born on November 19, 1935 in Peabody, Massachusetts, was an American business executive. He is best known for his tenure as the Chairman and CEO of General Electric (GE) from 1981 to 2001. Under his leadership, GE thrived, and he left an indelible mark on the business world.

1. Early Life and Education:
o Welch was the only child of Grace (Andrews), a homemaker, and John Francis Welch Sr., a Boston & Maine Railroad conductor.
o He attended Salem High School, where he actively participated in sports like baseball, football, and hockey.
o Welch pursued chemical engineering at the University of Massachusetts Amherst and later earned his master’s and PhD from the University of Illinois at Urbana–Champaign.
2. Career at General Electric:
o Welch joined GE in 1960 as a junior chemical engineer, earning a modest salary of $10,500 (equivalent to approximately $106,000 today).
o Despite early dissatisfaction, he stayed at GE after being promised the opportunity to create a small-company atmosphere.
o Under his management, GE’s plastics division grew significantly, becoming a $26 million operation.
o Welch’s leadership transformed GE’s market value from $14 billion to $410 billion during his tenure.
3. Severance and Net Worth:
o Upon retiring from GE, Welch received a severance payment of $417 million, setting a record for the largest such payment in business history at the time.
o His estimated net worth in 2006 was $720 million.
Jack Welch’s impact extended beyond GE; many of his innovative business strategies influenced various industries.