Jack Welch bio: wife, net worth, children, cause of death
The whole Massachusetts and America were put in mourning spirits the passing away of the great business and leadership expert Jack Welch was announced at his New York residence amidst his wife, sons and his lovable dogs due to kidney failure. Until his death, he was the founder and chairman of General Electric, where he served as the CEO for twenty years.
Source: Instagram
Jack Welch made history when he published his award-winning book in 2005. He received the highest and largest severance payment in the history of the business world. According to reports, his severance payments totalled $417 million. So, what about the life of this great icon, and how did he impact the world with his knowledge and ability?
Jack Welch bio summary
- Full name: John Francis Welch Jr
- Date of birth: 19th of November, 1935
- Date of death: 1st of March, 2020
- Cause of death: Renal failure (kidney failure)
- Aged: 84 years old
- Birthplace: Peabody, Massachusetts, USA
- Height: 1.7 m
- Hair color: Blonde
- Zodiac sign: Scorpio
- Eye color: Dark brown
- Profession: Business executive, chemical engineer, and writer
- Nationality: American
- Ethnicity: Irish
- Alma mater: University of Massachusetts Amherst (BS), the University of Illinois at Urban–Champaign (MS, Ph.D.)
- Political party: Republican
- Children: John Welch III, Mark, Anne, and Katherine
- Net worth: $750 million (As at May 2018)
- Weight: 85 kg
- Widow: Suzy Wetlaufer (m. 2004)
- Ex-spouses: Carolyn B. Osbourn (m. 1959, div. 1987), Jane Beasley (m. 1989; div. 2003)
Background information on Jack Welch
Jack Welch was born in Peabody, Massachusetts, to John Francis Welch Sr, who was a railroad conductor, and Grace Andrews, who was a homemaker. Both of them were of Irish descent. His birth name was John Francis Welch Jr. He did different kinds of menial jobs as a high school student to help in supporting his parents, who were menial income earners on the home front.
As for Jack Welch education, he enrolled and completed his high school education at Salem high school. While there, he participated in sports like football, baseball. He was even the captain of the hockey team before he graduated. As a result of his hard work and good grades, he was accepted to study chemical engineering at the University of Massachusetts, Amherst, where he graduated from in 1957.
Turning down offers from big companies, Welch furthered his education by attending the University of Illinois. From there, he bagged his Master's and Ph.D. in chemical engineering. He joined General Electric in Pittsfield, Massachusetts, as a junior chemical engineer with a salary of $10,500.
He was not satisfied with the raise that the company was offering him and the bureaucracy that was at play, so, he decided to quit in 1961. However, he was advised against it by then executive Reuben Gutoff, who promised that he would help him create a small company atmosphere that the young Welch wanted.
An explosion that rocked the factory under his management almost led to his sacking. But then, by 1968, he was promoted to the post of the Vice president of the plastics division. From there, he rose through the ranks. Also, by 1979, he was named the senior vice president and head of Consumer Products and Services Division. In 1982, Welch succeeded Reginald H. Jones to become the youngest chairman and CEO of the corporation.
Who is Jack Welch married to?
It can be said that Jack welch lived a unique and impacting lifestyle, but much cannot be said as regards his marriage choices. He divorced his first wife, Carolyn, that he had been married to for 28 years in 1987. Their union produced four children.
Besides that, he met and married former mergers and acquisition lawyer Jane Beasley in April 1989. Then, they divorced after she found evidence that he was texting and sharing intimate messages with Suzy Wettlaufer who co-authored his book in 2005. Welch drafted a prenuptial agreement which meant she left the marriage with a mouth-watering $180 million.
Eventually, he married Suzy Wettlaufer on the 24th of April 2004. They were co-writers on a bi-weekly forum on Reuters and Fortune. But then, they had to leave on the 9th of October, 2012, after Fortune magazine released an article of Welch and his critical GE career.
How much is Jack Welch worth?
When he passed away on the 1st of March 2020, Jack Welch net worth was reported to be around $750 million. Under his reign as chairman and CEO, GE accumulated profits of more than 400% due to the way he handled the leadership of the company. Jack Welch leadership style was called The Welch Way.
Jack Welch accomplishments are one of the yardsticks that define the corporate business world today. Under his leadership, he was able to elevate the finances of GE from a 12 million dollar all year grossing corporation to a $280 million a year grossing corporation.
His business ideas like the six sigmas, globalization as well as creating a work-friendly environment that supports good work ethic, are being emulated in many organizations across the globe today.
Jack Welch children
that he had from his first marriage survived him, and they are doing pretty well for themselves. Even though they are not all in the news, Katherine Welch, one of his children, ran for Senate in East Bay California as a Democrat, but she lost. His other children are John Welch III, Mark Welch, Anne Welch.
How did Jack Welch die?
Jack Welch lived a fulfilled life and made positive impacts all around the corners of the earth. Unfortunately, he sadly passed away in his New York home amidst his wife, children and his lovely dogs on the 1st of March 2020. Up until his death, Jack Welch age was 84 years.
The cause of his death was reported to be renal (kidney) failure by his wife a day after he was confirmed dead in his New York home. The US president, Donald Trump, consoled them while terming Jack Welch death as the exit of 'neutron' jack, a name he got after he slashed so many jobs in America.
In a statement released by Jack Welch wife while announcing his death, she said:
More than anything else — leader, business icon, management genius — more than those things, although they are all true too — Jack was a life force made of love. And somehow, crazily somehow, he also managed to be the greatest husband and step-father who ever lived, giving our family twenty amazing years of adventure, happiness, and joy. Our hearts, so much larger and fuller having known and loved him, are broken.
Jack Welch quotes
So many people around the world will never forget the inspirational quotes from this sage. They are words of wisdom that he used to pass on tips on business, work ethics, and so many more. Here is a few of them:
Quotes on personnel
- What could possibly be more important than who gets hired, developed, promoted, or moved out the door? Business is a game, and as with all games, the team that puts the best people on the field and gets them playing together wins.
- No company, small or large, can win over the long run without energized employees who believe in the mission and understand how to achieve it.
- If you pick the right people and give them the opportunity to spread their wings and put compensation as a carrier behind it you almost don’t have to manage them.
Quotes on leadership
- If you are a leader and you are a manager, shame on you if people don't know where they stand. You have a moral obligation leading people's lives, talking about their future and ... telling them where they stand.
- When you were made a leader you weren’t given a crown, you were given the responsibility to bring out the best in others.
- When you are a leader, your job is to have all the questions. You have to be incredibly comfortable looking like the dumbest person in the room. Every conversation you have about a decision, a proposal, or a piece of market information has to be filled with you saying, What if? and Why not? and How come?
Quotes on vision
- Good business leaders create a vision, articulate the vision, passionately own the vision and relentlessly drive it to completion.
- Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.
- When launching something new, you have to go for it – ‘playing not to lose’ can never be an option.
Quotes on managing and strategy
- You can't grow long-term if you can't eat short-term. Anybody can manage short. Anybody can manage long. Balancing those two things is what management is.
- In real life, strategy is actually very straightforward. You pick a general direction and implement it like hell.
- When the rate of change inside an institution becomes slower than the rate of change outside, the end is in sight. The only question is when.
He has many other quotes. He joked on one of his quotes about technology when he stressed that he was scared because he could not type.
Jack Welsh solely rose from being the son of a railroad conductor and a homemaker and doing menial jobs himself in high school to become one of the most influential people that ever lived. Even in his death, he would surely not be forgotten. His legacies and words of wisdom would continue to live on and guide individuals in their everyday life interactions.
Source: Legit.ng
