Welch, a template for the greedy, soulless modern CEO, served shareholders and the GE's extreme short-term well, but screwed employees by default and ultimately destroyed the company's relevance.
What kind of person was Jack Welsh? Does the following remind you of another belligerent, greedy asshole? :
'One month before the 2012 presidential election,
Mr. Welch suggested on Twitter that President
Barack Obama had manipulated monthly jobs
figures to improve his chances of reelection.
Former White House economist Austan Goolsbee
was among those who fired back via Twitter:
“You’ve lost your mind.”'
When a reporter at Fortune dared to criticize Welch's statement, Welch, wrote a column for the magazine, terminated his contract with the company.
Oh, and after overtly dumping pollutants into the Hudson River, Welch insisted that the company had no responsibility to clean it up. He never said GE didn't do it, as far as I know. He just flipped the bird, then wrote a book about what a brilliant business person he was.
"The company’s performance soon after Mr. Welch left also showed cracks in the legend. GE nearly cratered during the 2008 financial crisis because its finance unit — which Mr. Welch turned into a juggernaut that by then accounted for about half the company’s profits — had taken on too much risk and required a massive bailout."