Jack Welch was featured as one of Forbes' 100 greatest living business minds in our 2017 Centennial issue, talking about his greatest mistake by SteveForbesCEO
ack Welch was an extraordinarily successful CEO, who in two decades made GE—a legacy company if ever there was one—the most valuable company on Earth, and then lived long enough to see it all fall apart. When Welch stepped down, GE was the envy of the business world and had a reputation for training superb managers and being a giant with the agility of a ballerina. By the time Welch died, the company had become a stunning symbol of gargantuan strategic mistakes and executive incompetence.
Under Welch, GE remained a multidimensional outfit but one that relentlessly shed underperforming operations, as well as “unproductive” employees. Promising entities and industries were actively pursued. Deals were done at a dizzying pace. Jack Welch was featured as one of Forbes' 100 greatest living business minds in our 2017 Centennial issue, talking about his greatest mistake.The booming global economy was a helpful tailwind during Welch’s reign, but make no mistake, GE was at the forefront of events. Its total return to investors easily outpaced the broad stock market. Despite the firings and layoffs, GE’s payroll expanded, as did revenues.
But there was a bigger mistake. Unlike it had done with finance, GE failed to see high tech as a ripe field with enormous long-term potential so didn’t go for it aggressively and nimbly. Its high-tech forays were too late and stultifyingly bureaucratic.
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