Jack Welch (John Francis Welch Jr.), the legendary chairman and CEO of General Electric (1981 and 2001) passed away at home in New York on March 1, 2020, from kidney issues.
Known as “Neutron Jack” for his willingness to fire large numbers of people using a process laughingly called “rank and yank” which saw the under-performing ten-percent of employees being terminated. He was a student of management practices and did not hesitate to revive old processes or try new systems and procedures – freely teaching and mentoring others along the way.
While some of his practices were controversial, he built GE into a powerhouse conglomerate whose stock provided an extraordinary and stable yield to investors over the years.
I know it is unusual to fete a man who has fired thousands of employees in the name of management efficiency and earnings performance but by clearing away the deadwood and undergrowth he created a stronger organization and provided opportunities for high achievers who might have been trapped in an organizational maze.
He will be missed. Rest in Peace Jack.