Jack Welch, who led General Electric through two decades of unparalleled growth and transformation, and the most influential business manager of his generation, passed away at his home in New York City. He was 84.
Welch took his last breath late Sunday, surrounded by his wife, Suzy, and family, and his beloved dogs nearby. The cause of death was renal failure, according to his wife.
"Today is a sad day for the entire GE family. Jack was larger than life and the heart of GE for half a century. He reshaped the face of our company and the business world," GE chief executive Larry Culp said in an email.
He was dubbed as the "manager of the century" by Fortune magazine in 1999 after GE’s revenue jumped nearly fivefold during his tenure.
Welch also invented the "vitality curve," in which managers were ranked into three groups i.e. top 20% "A" group was "filled with passion, committed to making things happen". The "vital" 70% "B" group was essential to the company and encouraged to join the A's. Then there was the bottom 10% “C” group, where the underperformers generally had to go.
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