Jack Welch was a successful businessman and CEO of General Electrics (GE) from 1981 to 2000. The company’s value escalated to 4,000% while he was on the head chair.
John Francis “Jack” Welch Jr. is the full name of Jack Welch and was born on November 19, 1935. His birthplace is Peabody, Massachusetts to Grace Andrews and John Francis Welch Sr. He belongs to the ethnic group of Irish American. Welch did his high school from Salem High School. He was quite active in sports like soccer, baseball and hockey. He was captain of few too. Welch graduated from University of Massachusetts Amherst as a chemical engineer in 1957.
He interned at Sunoco and PPG Industries in his summer holidays. He was then focused on doing masters and hence rejected numerous prestigious offers from companies to get admitted in University of Illinois at Urbana Champaign to attain masters and PhD in chemical engineering.
Jack Welch married Carolyn in 1959 and have four kids with her. However, they got divorced after 28 years in 1987. He then married Jane Beasley in 1989. She was a mergers-and-acquisitions lawyer. Welch and Jane got divorced in 2003 and Jane got an alimony of whopping $180 million.
This marriage ended because Jane found about the affair going on between Welch and Suzy Wetlaufer. In 2004, Welch got married to Suzy. She co-authored his book “Winning” in 2005.She was editor-in-chief of the Harvard Business Review wrote a biweekly column for Reuters and Fortune.
Welch started out as a junior chemical engineer in GE Massachusetts in 1960 with an annual pay of $10,500. He tried quitting GE because of the bureaucracy and less raise provided to employees. However, he did not quit but was almost fired for an explosion episode in 1963 which happened under his management.
Welch became the vice president and head of GE’s plastics division and in 1971 became vice president of GE’s metallurgical and chemical divisions. Under his superb management and strategic planning GE flourished a lot and hence in 1977 he became Senior vice president and head of Consumer Products and Services Division and then vice chairman of GE in 1979. That is an example of exponential growth for sure.
Finally in 1981 Welch became GE’s youngest chairman and CEO. He proved that he was made for this position as GE progressed a lot under him. Around 500 acquisitions , rise in market value by 25 times. He was named “Manager of the Century” by Fortune magazine. His tenure as CEO ended in 2007 and his severance package was 17 million.
How much is Jack Welch Net Worth in 2017
As of 2017, Welch’s net worth is estimated at $770 million US dollarswhich clearly shows the impact he had on his company’s progress and society. In 2009, Welch founded the Jack Welch Management Institute because of his passion in management. He believed that proper management of minuscule things can lead to huge and unimaginable results.
Jack Welch was indeed an intelligent personality. He will always be remembered as the man behind the success of General Electric.