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Jack Welch General Electric. By: Kennya Leal Chris Lage Richard Orsi Alexandra Pagliuca Dan Wales. "Neutron Jack". Early Life. Born in Peabody, Massachusetts. Father John was a Maine Railroad Conductor. Mother Grace was a Housewife. Was an Only Child.
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Jack WelchGeneral Electric By: Kennya Leal Chris Lage Richard Orsi Alexandra Pagliuca Dan Wales
Early Life • Born in Peabody, Massachusetts. • Father John was a Maine Railroad Conductor. • Mother Grace was a Housewife. • Was an Only Child
Education • Jack attended Salem High School. • Graduated from UMASS Amherst in 1957 with a B.S. in Chemical Engineering. • Graduated from the University of Illinois in 1960 with a M.S. and Ph.D. also in Chemical Engineering.
Early Jobs • Joined General Electric in 1960 as a Junior Engineer in Pittsfield, MA. • Very disappointed with strict bureaucracy within General Electric, and planned to leave. • Named Vice President of G.E. in 1972. • Named Senior Vice President in 1977. • Became Vice Chairman in 1979. • Hit his peak as CEO in 1982. The eighth and youngest chairman and CEO in history of G.E.
Physical Reasons • Made it to the top despite his working class background • Set a new model for the corporation • Created informality at a big company • Calls GE the “Grocery Store” • Manages GE like a small organization “you don’t get hung up on zeros”
Physical Reasons • Has created more share holder value than anyone in history . • He increased the market value of GE from $12 billion to $280 billion • Reshaped GE with more than 600 acquisitions and pushed to enter newly emerging markets.
Unique Outlook • “You Can’t grow long term if you can’t eat short term” – Jack Welch • “Anybody can manage short. Anybody can manage long. Balancing those two things is what management is” – Jack Welch • Fierce believer in the power of his people • Spends more than half his time devoted to people issues
Quote that Defines the Man • “He’s able to get people to give more of themselves because of who he is. He lives the American dream. He wasn’t born with a silver spoon in his mouth. He got himself out of the pile. He didn’t just show up” - Brian Nailor
Jack Welch No Nonsense Management • Clearly Define the Goals • Field Only the Best Team • Eliminate Bureaucracy • Develop People – Reward Their Success • Cut Losers • Remain Agile • Play to Win
HistoricalSignificance:Theories and Concepts Elements of Management • Jules Henri Fayol(1841-1925) • William H. Newman (1909-2002) • George R. Terry (1909-1979) • Douglas McGregor (1906-1964) • Peter F. Drucker (1909-2005) Organizational Structure • Chester I. Barnard (1886-1961) Leadership and Motivation • Abraham Maslow - Hierarchy of Needs • David McClelland (1917-1998) – “Needs Theory” • “Equity Theory” • James McGregor Burns (1918-) – “Transformational Leadership”
Elements of Management • Function of Management • Plan • Organize • Command • Coordinate • Control • Key Factors: • Management Skills can be Trained • Eliminate Incompetent Employees • Foster Unity, Energy, Initiative, & Loyalty • Theory Y • Management by Objectives
Organizational Structure Chester I. Barnard (1886-1961) • Define Organizational Purpose • Communication • Group Dynamics - Recruiting • “Informal” Environment – High Morale • Recognition and Rewards • Maintain Performance and Training
Leadership and MotivationalInfluences Leadership and Motivation • Abraham Maslow - “Hierarchy of Needs” • Esteem • Self Actualization • David McClelland (1917-1998) – “Needs Theory” • Power • Affiliation • Achievement • “Equity Theory” • James McGregor Burns (1918-) – “Transformational Leadership” • Change Leadership • Employee Empowerment
Jack is Business • Jack Welch LLC. • A partner for the private equity firm Clayton, Dubilies and Rice. • Consultant for Interactive Corp • Jack also contributes to a couple business television networks such as MSNC and CNBC. • Jack and Suzy also have their own website that offers a variety of helpful resources related to business management.
Professor Jack Welch • January 25th, 2006 • Sacred Heart University Business became the John F. Welch College of Business. • September, 2006 • MIT Sloan School of Management. • July, 2009 • Jack Welch Management Institute @ Chancellor University in Ohio.
Written by Jack Welch • Winning was a book he co-wrote with his wife Suzy Welch • Winning the answers: confronting 74 of the toughest questions in business today • “Jack, straight from the gut” #1 National Best Seller List. • “ The Welch Way” a weekly news column co-written by Jack & Suzy Welch. • Published in approximately 45 various business magazines
Summary • Jack wants people to become the best leaders they can be. • Jack’s competetive nature and will to be successful can be traced back to his parents and playing sports as a child.
WHAT LEADERS DO -Leaders relentlessly upgrade their team, using every encounter as an opportunity to evaluate, coach, and build self-confidence. -Leaders make sure people not only see the vision, they live and breathe it. -Leaders get into everyone's skin, exuding positive energy and optimism. -Leaders establish trust with candor, transparency, and credit. -Leaders have the courage to make unpopular decisions and gut calls. -Leaders probe and push with a curiosity that borders on skepticism, making sure their questions are answered with action. -Leaders inspire risk taking and learning by setting the example. -Leaders celebrate. - Adopted from "Winning" by Jack and Suzy Welch (HarperCollins) Thank You! Are there any questions or comments?
Resources • "GE Past Leaders: John F. Welch Jr., Biography." GE : imagination at work. Web. 04 Oct. 2009. <http://www.ge.com/company/history/bios/john_welch.html>. • "Sitemap - Jack Welch Management Institute." Jack Welch Management Institute at Chancellor University. Web. 16 Sept. 2009. <http://www.jwmi.com/what_leaders_do.html>. • "The Welch Way - Jack Welch Biography." The Welch Way - The Official Website of Jack Welch and Suzy Welch. Web. 16 Sept. 2009. <http://www.welchway.com/About-Us/Jack-Welch/Biography.aspx>. • Wren, Daniel A., and Arthur G. Bedeian. The Evolution of Management Thought. 6th ed. Hoboken, NJ: John Wiley & Sons, Inc., 2009. Print. • Baldwin, Timothy T., William H. Bommer, and Robert S. Rubin. Developing Management Skills - What Great Managers Know and Do. New York: McGraw-Hill Irwin, 2008. Print. • Byrne, John A. "06/08/98 HOW JACK WELCH RUNS GE." BusinessWeek - Business News, Stock Market & Financial Advice. Business Week Magazine, 8 June 1998. Web. 16 Sept. 2009. <http://www.businessweek.com/@@1w2fjIQAHbJcdAAA/1998/23/b3581001.htm>. • "Assessing Jack Welch." Wally Bock's Monday Memo Newsletter: Author, Keynote Speaker. 10 Sept. 2001. Web. 16 Sept. 2009. <http://www.mondaymemo.net/010910feature.htm>. • "Jack Welch: Management Evangelist." BusinessWeek - Business News, Stock Market & Financial Advice. Web. 16 Sept. 2009. <http://www.businessweek.com/magazine/content/04_43/b3905032_mz072.htm>.