Boeing's shakeup and GE's fall: 2 more black eyes for Jack Welch's legacy

[Nefertiti]

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The man who fired the bottom 10% performers every year is onto rough times. From 1999 "Manager of the Century" to extinct in 2024. A mere 25 years.


Boeing's shakeup and GE's fall: 2 more black eyes for Jack Welch's legacy

4 of 13 Jack Welch acolytes who became CEOs were at the same company…

Boeing.

Probably nothing. pic.twitter.com/VtR2nmMhNQ

— fed_speak (@fed_speak) March 29, 2024

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The combination of Calhoun quitting, the end of the conglomerate, and General Electric’s name disappearing tells us a lot about how the world has changed since Welch was worshiped by the likes of Fortune Magazine (which named him the Manager of the Century in 1999) and the Financial Times (which named GE “The World’s Most Respected Company” for the third straight year in 2000, the year before Welch stepped down as CEO).

I wrote about the end of Welch’s legacy last year after Larry Culp, who became GE’s CEO in 2018, announced plans to split the company into three pieces, none of which would be named General Electric. As the Welch hagiography died down, the mess left behind showed that his genius was as much in playing accounting games as anything else.
...
In fairness, you can see why so many boards of so many companies were eager to hire Welchies as CEOs. Jack Welch was a megasuccessful CEO — or, at least, he seemed to be. GE’s stock rose 5,600% during his 20-year tenure, which was eight times the S&P 500’s 700% rise. (I’m not including dividends in either of those numbers).

Welch was also enormously respected by wide swaths of the business community and society at large, and for a while, GE was the US’s most valuable company, with its stock worth $600 billion.

https://finance.yahoo.com/news/boeings-shakeup-and-ges-fall-2-more-black-eyes-for-jack-welchs-legacy-100047645.html

[Georgesoros]

BOEING is fucked up!!!
Deregulation killed it. Planes are not safe. 787 and 777

[Kadudu]

That is what happens when state regulating agencies are weakend for political purposes. Thank you to the Republicans.

BOEING is fucked up!!!
Deregulation killed it. Planes are not safe. 787 and 777