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8/8/2019 Jack Welch Final
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8/8/2019 Jack Welch Final
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8/8/2019 Jack Welch Final
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Former chairman and chief executive officer, General
Electric.
Nationality: American.
Born: November 19, 1935, in Peabody, Massachusetts.
Belonged to a normal family.
Who is Jack Welch ?
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Education &career Welch attended Salem High School and later the University of
Massachusetts Amherst
He graduated in 1957 with a Bachelor of Science degree in
chemical engineering Welch went on to receive his M.S. and Ph.D at the University
of Illinois at Urbana-Champaign in 1960.
Welch joined General Electric in 1960. He worked as a junior
engineer in Pittsfield, Massachusetts, at a salary of $10,500
annually.
After working 1 year , he planned to leave GE to work with
International Minerals & Chemicals in Skokie, Illinois.
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Personal /social life
Had a slight splutter since childhood, which continued
throughout his married life.
Had health issues still continued to overcome them through
his strong will and focus . Socially he was very active :-
On January 25, 2006, Welch gave his name to Sacred Heart
University's College of Business
July 2009, foundation of Jack Welch Management Institute atthe Chancellor University in Ohio was laid
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Jack in GE
Joined GE in 1960 as junior engineer at Pittsfield
Disillusioned by strict bureaucracy & GE management plan.
Rose to V.P in1972 , senior V.P in1977 & then chairman in
1979 Replaced all management strategies & worked hard to make it
as diversified corporate company
Increase share holder value, dismantled bureaucracy,
trimmed inventories Fondly called Neutron jack
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Expanded GEs fiscal assistance with numerous
successful acquisitions. Eg: six sigma
Fortune magazine stated him the manager of
the century.
Analysts still struggle to evaluate jack
credibility in GEs success & remains asinnovative icon in corporate world.
Sacred Heart University was renamed as
john.F College of Business.Active member of Augusta national golf club,
Sankaty head golf club.
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Taking Over GE
Challenges from outside of GE
Economic recession
High interest ratesHighest unemployment rate since the
depression
Challenges from GE
Massive information and inefficient macro-business
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Welch¶s Vision³A decade from now, I would like General Electric to be perceived
as a Unique, high-spirited, Entrepreneurial enterprise«the mostprofitable, highly diversified company on the earth, with world
quality leadership in every one of its product lines´.
Three-Circle Vision for GE
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Restructuring the Hard Drive
Challenged everyone to be ³better than the best´
Sold more than 200 businesses and made over 370acquisitions
Insisted GE become more ³lean and agile´ resultingin
De-layering Downsizing
Divestitu
re
Replaced 12 of his 14 business heads
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GE Now
Operates in 100+ countries worldwide
300,000+ employees worldwide
2006 revenue - $163.4 billion2006 earnings - $20.8 billion
One of original six companies still listed on
Dow Jones index
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Successful Leadership 4E
s :-Energy
EnergiserEdge
Execution
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6 Rules :-
Control your own destiny or someone else will.
Face reality as it is, not as it was or as you wish it were.
Be candid with everyone.
Dont manage, lead.
Change before you have to.
If you dont have a competitive advantage, dontcompete!
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Leadership Principles
The straight way
Be open to the best of what everyone,
everywhere, has to offer.Get the right people in the right jobs
Informal atmosphere - A competitive
advantage.Count everyone.
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LEAD, NOT MANAGE:
oWhy: good ideas, make people passionate.
oHow: involve everyone
DONT TOLERATE BUREAUCRACY:
owhy: Its cancerous, less competitive
oHow: informal workplace
FACE REALITY:
oWhy: Stop assuming and improve
oHow: keep options, fresh eye,
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CHANGE: OPPURTUNITY, NOT THREAT
oWhy: brings good ideas, new products
o How: expected least expcted, prepare
LEAD BY ENERGISING:
oWhy: inspires, free flow of ideaso How: not intimidate, handwritten thank you
POUNCE EVERYDAY:oWhy: faster than competitors
o How: sense of urgency, fast decision, hard work
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STRENGTH
Unique management strategies
A bold and unique leadership style
An effective communicator Employee empowerment
Use the brains of your workers
Harnessing people for competitive advantage
How to galvanize people
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WEAKNESS
Very retentive
Managerial culture is too homogeneous
Win win mania
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After Retirement from GE
MIT Sloan school of Management
Books on management :Straight from the
gut, Winning etc.
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Criticism of Jack Welch
JackWelch: Fall of an Icon
Neutron Jack
Greedy
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