Jack Welch Final

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 ?



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.



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



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



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.



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



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



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



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



Successful Leadership 4E

s :-Energy

EnergiserEdge

Execution



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!



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.



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,



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



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



WEAKNESS

Very retentive

Managerial culture is too homogeneous

Win win mania



After Retirement from GE

MIT Sloan school of Management

Books on management :Straight from the

gut, Winning etc.



Criticism of Jack Welch

JackWelch: Fall of an Icon

Neutron Jack

Greedy

Jack Welch Final

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Transcript of Jack Welch Final