He's a retired American business executive, author and chemical engineer.
He was chairman and CEO of General Electric between 1981 and 2001.
In 2006, Welch's net worth was estimated at $720 million.
When he retired from GE he took a severance payment of $417 million, the largest such payment in history.
During his tenure at GE, the company's value rose 4,000%.
He's Jack Welch and here are his Top 10 Rules for Success.
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1. Talk about your mistakes
Throughout his early life in middle school and high school he worked as a golf caddie, newspaper delivery boy, and a shoe salesman.
2. Energize others
He graduated from the University of Illinois in 1960 with a Master's degree and a PhD in chemical engineering.
3. Search for a better idea everyday
He joined General Electric in 1960. He worked as a junior chemical engineer, at a salary of $10,500.
4. You can't make change with rational behavior
By 1968, he became the vice president and head of GE's plastics division, which at the time was a $26 million operation for GE.
5. Don't get comfortable
By 1973, he was named the head of strategic planning for GE.
6. Make the right trade-offs
In 1981, he became GE's youngest chairman and CEO.
7. See everyone as a mentor
Under his leadership, GE increased market value from $12 billion in 1981 to $280 billion.
8. Grow your people
He pioneered a policy of informality at the work place, allowing all employees to have a small business experience at a large corporation.
9. Always overdeliver
He founded the Jack Welch Management Institute, a program at Chancellor University that offered an online executive MBA.
10. Be candid
He published Winning, a book about management co-written with Suzy Welch, which reached No. 1 on The Wall Street Journal bestseller list.
Ryan J. Davis
Can you make one of Jack Welch?
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