Welch was at the helm of GM for 19 years.
Welch joined GE in 1960 and became chairman and CEO of GE in 1981. Until his retirement in September 2001, he worked at GE all his life. In Welch's 19 years at the helm of GE, the company has been running fast, and for three consecutive years, it has topped the list of "America's Most Admired Companies" in the U.S. "Fortune" magazine.
Welch first took charge of GE when it had only three divisions -- lighting, engines and electric power -- to maintain a leading position in the market. Today, 12 divisions are among the best in their respective markets, and if ranked individually, nine of GE's divisions would make the Fortune 500.
During Welch's tenure, GE's revenue nearly quintupled to $130 billion, and the company's market capitalization soared from $14 billion to more than $410 billion. The company's market capitalization soared from $14 billion to more than $410 billion. Welch was also dubbed the "Manager of the Century" by Fortune magazine.
Extended Information
Welch's Journey to GM:
After graduating from college, Jack went on to graduate school, where he earned a doctorate in chemical engineering from the University of Illinois in 1960. After earning a doctorate in chemical engineering from the University of Illinois, he chose General Electric from the three jobs available.
On October 17, 1960, Jack began his career at General Electric. His first task was to find a demonstration site for the manufacture of PPO, a new material used in chemicals, and get the plant up and running. In a run-down building in Pittsfield, he and another chemist spent a year setting up the plant.
Jack then became the PPO process development project leader, and they were tasked with turning PPO into a commercially viable product, but the material didn't look like it had a lot of potential market value because it was hard to mold into shape. But Jack persisted in his efforts, and then finally found a breakthrough, making a material that was very strong at high temperatures and easy to mold. The plastic was commercially known as "Norrell".
In 1965, Jack suggested that General Electric build a $10 million plant to produce Norrell. When it came time to name a manager, no one wanted the job, no one wanted to take a chance on a product with unproven commercial value. Only Jack was eager for the job. Because Jack's work in the plastics business was so good, he was assigned responsibility for other businesses, including Medical Systems and Diamond Enterprises.
In 1981, at the age of 45, Jack Welch officially succeeded Jones as GE's eighth chief executive.
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