Jack Welch Biography
Jack Welch was CEO of General Electrics for 20 years and known as one of the best business leaders of all time. He made GE one of the most profitable companies in the world.
Jack Welch was born in Salem, Massachusetts in 1935. During his schooling life he attended Salem High School and after graduating moved on to study for a Bachelor of Science degree in chemical engineering at the University of Massachusetts. Next Welch moved on to the University of Illinois to complete his Masters and Doctorate degree’s by 1960. In 1960 after graduation Welch joined General Electrics with a starting salary of just $10,500. Not long after starting his new job Welch wanted to leave the company to take a job offered to him at International Minerals & Chemicals because of his low wage and poor company management. Welch felt unappreciated by his boss but must have made quite an impression on an executive named Reuben Gutoff, with Gutoff taking Welch and his first wife to dinner trying to convince Welch to stay with the company promising big changes for the company and Welch.
While working at GE Welch helped invent a new plastic called PPO, and soon after he was promoted to general manager of the plastics factory and soon after promoted again to managing the entire plastics division of GE. By 1972 Welch had made a name for himself and was again promoted becoming vice president after only 12 years at GE. After working as vice president for 5 years, in 1977 he became senior vice president and another 2 years later made it to vice chairman. In 1981 Welch made it to the top becoming the companies 8^th and youngest ever CEO.
He began streamlining the company immediately and pushing his managers to raise their companies to the top, often firing managers in the bottom 10% and giving the top 20% bonuses. While streamlining the company some of GE’s 350 businesses were closed and the management structure was reduced from twenty-nine levels to only six, with...
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