Getty/Mike Coppola
Jack Welch.
- Jack Welch, the former CEO of General Electric, has died at the age of 84.
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Jack Welch, the former CEO of General Electric, has died at the age of 84.
His death was announced on Monday by his wife, Suzy, according to CNBC.
Welch had a legendary tenure at General Electric, in which its value rocketed from $12 billion to $410 billion.
He served at the helm of the company for 20 years, and afterwards started a business school and became known for his commentary on management issues.
Welch began working for General Electric in 1960 as a chemical engineer. By 1972 he was a vice president, and by 1979 he was chairman.
In 1981 he took on the additional role of CEO, which he held until he retired in September 2001.
In his 21 years as CEO, Welch transformed GE into the world's most admired and successful company with his innovative management techniques.
Revenues grew five-fold from $25 billion to $130 billion, income grew ten-fold, from $1.5 billion to $15 billion, and the company's market capitalization had a 30-fold increase of around $400 billion.
His achievements are considered epic, and as a result, thousands of companies around the world have adopted the Welch Way.
In 2010, Welch founded the Jack Welch Management Institute, a business school that offers executive education and management training.
"He became the gold standard of greatness, the icon of industrial imagination," Jeffrey Sonnenfeld, a Yale University business professor who knew Welch since the 1980s told Bloomberg.
"His track record over those 20 years as CEO is hard to see excelled anywhere."
Much of his commentary and advice on business issues over the years has been published on Business Insider - you can see Welch's author archive here.
This is a developing news story, please check back for updates.
Get the latest General Electric stock price here.
Remembering Jack Welch, known for his 20 years at the helm of General Electric. https://t.co/1WQPj2QRKp pic.twitter.com/CrURKGwlyv
- CNBC (@CNBC) March 2, 2020