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Wall Street legend, ex GE boss Jack Welch dies at 84

Business

Jack Welch, who transformed General Electric into a highly profitable multinational conglomerate, has died aged 84.

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His death was confirmed on Monday by GE, and his wife Suzy told the New York Times the cause of death was renal failure.

Paying tribute to Welch, US President Donald Trump said there was no corporate leader like “neutron” Jack.

“He was my friend and supporter,” Trump tweeted.

“We made wonderful deals together.

“He will never be forgotten.

“My warmest sympathies to his wonderful wife & family!”

Welch became one of the nation’s most well-known and highly regarded corporate leaders during his two decades as GE’s chairman and chief executive, from 1981 to 2001.

He personified the so-called “cult of the CEO” during the late-1990s boom, when GE’s soaring stock price made it the most valuable company in the world.

During his tenure, GE’s revenue grew nearly five-fold, and the firm’s market capitalisation increased 30-fold.

In 1999, Fortune magazine named Welch as its manager of the century but he later found himself defending his retirement compensation.

He received millions of dollars in benefits, including unlimited personal use of GE’s planes, office space and financial services.

After the perks became public, Welch reimbursed the company for many of them, and paid for the use of aircraft and other services.

– AAP

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