Jack Welch
Jack Welch is considered one of the greatest leaders in business history. Born in 1935 in Peabody, Massachusetts, he studied chemical engineering at the University of Massachusetts, graduating with his bachelors degree in 1957. He proceeded in his studies, earning a masters degree in chemical engineering at the University of Illinois. After some work with General Electric (GE), he became its chairman and CEO in 1981 and proceeded to shape the company into a world-class leader in technology, energy, and finance.
Welchs lengthy skillset paired with his leadership style allowed him to completely adjust the culture at GE and make it a place of modern innovation. He began a series of drastic cost cuts to several divisions within the giant which enabled him to increase profits and, consequently, share prices with investors. Additionally, Welch responded ahead of the competition to new markets and opportunities, as seen in GEs overhaul to focus on services instead of manufacturing where consumer interest was shifting. He also championed rewards and bonuses for employees at all levels, establishing stretch goals and having an A player mindset, which allowed GE to progress further than it may have had such mindsets not been put into play.
Welchs legacy is one of success and inspiration. Not only for having led GE to increased corporate success and improved investor confidence but also for having inspired leaders throughout the country and world. His books and talks inspire many, and his system of aggressive goal setting, reward structures and other guidances on how to lead generate positive outcomes in many businesses. Appointed to President-elect Donald Trumps economic advisor, Welch has continued to be an influential name in the Global 5000.
Additionally, as a young executive, Welch was not only well-liked but also highly respected. HIs commitment to developing a corporate culture of transparency and mutual respect allowed his employees to treat each other professionally and allowed GE to reach previously unthinkable levels of success. Through collaboration with the board of directors, he implemented the idea that performance trumps protocol and that shareholders should benefit from reward schemes, a practice that has now spread throughout most major corporations.
Considered by many to be the greatest CEO of all time, Jack Welch shaped GE into the business titan that it still is today and had a profound effect on business culture worldwide. His commitment to innovation and service allowed him to capture significant market shares for GE in several industries, a strategy that has continued to be replicated across multiple business sectors. His respect for employees and their work along with his knack for maneuvering in competitive markets make his leadership enduringly relevant and a reminder of business acumen at its finest.
