One of the Most Prominent American CEOs Is Dead

Jack Welch, the former CEO of General Electric, has died at age 84, reports CNBC. The outlet notes that Welch oversaw an expansion at GE that saw its market value rise from $12 billion to $410 billion in the two decades he led the company. But along the way, he picked up nicknames including "Neutron Jack" for cutting tens of thousands of jobs. GE became one of the world's most valuable companies during his tenure, which began in 1981 and ended a few days before the 9/11 attacks. (GE's fortunes have since fallen in a big way.) Yahoo Finance notes that Fortune named Welch "manager of the century" in 1999.

Yahoo also notes that Welch made a salary of $10,400 when he joined GE as a chemical engineer in 1960 in Pittsfield, Mass. When he retired, he collected a severance package of $417 million, which was then a record. When he stepped down, a New York Times editorial called him a "white-collar revolutionary." It added: "His legacy is not only a changed G.E., but a changed American corporate ethos, one that prizes nimbleness, speed and regeneration over older ideals like stability, loyalty and permanence." (More Jack Welch stories.)