Jack Welch to retire
in 2001
New York : Jack Welch, chairman and chief executive
of General Electric, revealed plans to retire in the year 2001. The aggressive head of
General Electric, named this week by Fortune magazine as "manager of the
century", will have served 20 years as its chief by the year 2001. Welch turns 65 in
November 2000, when he was expected to retire. His announcement to retire after the 2001
shareholder meeting gives General Electric an additional four months of his unique
leadership. Welch has been almost singularly responsible for turning General Electric
into a global powerhouse with annual sales of over $100 billion, and with products as
diverse as fridge-freezers to fighter engines.
The successor to Welch has not been named, although those tipped to take his place
include Jeffrey Immelt, head of the group’s medical systems operation, James
McNerney, who heads the aircraft engine operations, and Bob Nardelli from the power
systems division.
Back to News Review
index page
|
