Former General Electric CEO Jack Welch dies aged 84

The US businessman who was the man behind General Electric as CEO for two decades, Jack Welch, has died at the age of 84, the American multinational conglomerate announced on Monday.

"Today is a sad day for the entire GE family. Jack was larger than life and the heart of GE for half a century. He reshaped the face of our company and the business world," current chief executive of the conglomerate, Larry Culp, said in an email confirming Welch's death.

"There was no corporate leader like 'neutron' Jack," President Donald Trump tweeted, in reference to a nickname Welch had because of his cutthroat way of dealing with job cuts. The president added that Welch was his "friend and supporter. We made wonderful deals together. He will never be forgotten."

Welch became one of the United States' most well-known and highly regarded corporate leaders during his time as General Electric's chairman and chief executive. He was GE's head during the boom of the 1990s when the conglomerate's share price soared, making it the most valuable company on the planet.

Son of a train driver, Welch trained as a chemical engineer and transformed the organization from a maker of appliances and light bulbs into an industrial and financial services giant. The firm's market capitalization grew from $12 billion when he took over in 1981 to $410 billion when he left 20 years later.

Controversy

Welch's results-driven managerial style and hands-on approach were seen as key reasons behind GE become a market leader, although some of the success came at the expense of thousands of employees who were part of a job cull in Welch's ruthless pursuit to cut costs and rid the company of unprofitable operations.

Indeed, Welch wasn't without his critics, particularly for his lack of compassion for the working class, many of whom he employed, his climate-change skepticism and, most notably, when he tweeted shortly before the 2012 election alleging that the Barack Obama administration manipulated certain economic statistics.

However, it was his business acumen and outspokenness that earned him the title of "Manager of the Century," a name bestowed upon him by Fortune magazine in 1999.

Welch leaves behind his third wife and four children from his first marriage.