Jack Welch Net Worth, Wiki, Income Source, Career,Property,retirement,Time at General Electic
Facts of Jack Welch Net Worth, Wiki, Income Source, Career,Property,retirement,Time at General Electic
|Net worth||$750 million|
|Date of Birth:||1935 November 19|
|First Name||John Francis|
|Last Name||Welch Jr.|
|Age:||84 years old|
|Birth Nation:||United States|
|Height:||5 Feet 7 Inch|
An American retired business executive, author, and chemical engineer, Jack Welch has the estimated net worth of $750 million.
Jack Welch's Net Worth:
Jack Welch was Chairman and CEO of General Electric from 1981 to 2001.During his time at GE, the company's value rose about 4000%.Welch received a severance payment worth $417 million when he retired in 2001, which was the largest severance package to any American CEO in the history.
Welch main source of income was General Electric.
The net worth of Welch is estimated to be $750 million.
Welch's House and Cars:
Jack Welch own a house in North Palm Beach, Florida.
Jack Welch owns a street mansion in Boston which worth $20 million.
Welch's Early Life:
Jack Welch was born on November 19, 1935, in Peabody, Massachusetts.His father was John Francis Sr, a Boston and Maine Railroad conductor, and mother, Grace, a homemaker.Welch is Irish American and Roman Catholic.
Welch worked as a golf caddie, newspaper delivery boy, shoe salesman and drill press operator during his early days in middle and high school.Welch was the captain of a hockey team and also participated in baseball, football when he attended Salem High School.In his senior year, Welch went to the University of Massachusetts Amherst to study chemical engineering.
During his college summers, Welch worked in chemical engineering at Sunoco and PPG Industries.And in his sophomore year, he became the member of Phi Sigma Kappa fraternity.In 1957, Welch graduated with a degree in chemical engineering.He joined the University of Illinois despite receiving offers from several companies.He graduated in 1960 from the University of Illinois with a master and Ph.D. in chemical engineering.
Welch's Time at General Electic:
Welch joined GE in 1960 where he worked as a junior chemical engineer in Pittsfield.Due to some unsatisfied situations, Welch decided to leave his job but later in 1968, he became the vice president and head of GE's plastics division.In 1971, Welch became the vice president of GE's metallurgical and chemical divisions.
In 1973, he became the head of strategic planning for GE.Welch was named senior vice president and head of Consumer Products and Services Division in 1977.Later in 1979, he became the vice chairman of GE.Then, he became the GE's youngest chairman and CEO in 1981.
In 1981 when Welch was leading the company, the market value of company increased from $12 billion to $280 billion.Welch's philosophy was that the company should be either No.1 or No.2 in the industries it participated in.
In 1986, GE received RCA and during the 1990s, Welch shifted GE's business from manufacturing services to financial services.In 1995, Welch adopted Motorola's Six Sigma and by 1999, Welch was named "Manager of the Century".
Welch received lots of criticism during his period at GE.The company had arrangements for Welch's retirements and provided retirement expenses but Welch chose to renounce the benefits.Welch had plans in mind so he led his company to one of the finest manufacturers in the world.
Welch's Time after retirement:
Welch retired from GE in 2001 and went to become the adviser to private equity of Clayton, Dubilier and Rice and chief executive of IAC, Barry Diller.In 2005, Welch published a book named Winning about management which became No.1 best selling book.Since 2006, Welch has been teaching at MIT Sloan School of Management about leadership.
In 2009, Welch opened an online executive MBA and founded Jack Welch Management Institue which was then acquired by Strayer University in 2011.After his retirement, he has been actively participating in teaching and several management programs giving speeches about management, leadership, and coordination.
Welch's Personal Life:
Welch married Carolyn in 1959 and they were divorced in 1987.They had four children.Then, Welch married Jane in 1989 and divorced in 2003.Then Welch married to Suzy in 2004.
Welch describes himself politically as a Republican.
In 2010, Welch appeared in the season four episode "Future Husband" of 30 Rock
AmericanBusinessmanauthorBusiness ExecutiveChemical EngineerJack WelchGeneral Electric