Nicknamed ‘Neutron Jack’ because of his blunt style and continuous cost-cutting decisions, Mr Welch was named ‘Manager of the Century’ by Fortune magazine in 1999.
Mr Welch passed away on Monday at 84 years-old as a result of kidney failure.
He joined General Electric Co. in 1960 as a chemical engineer, being named Vice President in 1972 and Chairman seven years later. He became CEO in 1981, a post he retained until his official retirement just a few days before the terrorist attack on the US in September 2001.
Under his watch, GE’s value shot up from $12 billion to $410 billion.
“I like challenging people,” he told an interviewer not long after his retirement, “I like debate. I like all those things. And, yet, I love having a drink with them too.”
His asset valuation was put at over $500 million, although it has never been publicly confirmed.