What 'nuclear' nickname was given to Jack Welch in the 1980s for eliminating employees while leaving the office buildings intact?
"providing leadership training to managers and executives. The institute launched in June 2009, and classes began in January 2010. In April 2011 Welch approached Strayer University to discuss moving the institute to the university. The deal to acquire the institute closed in December 2011. In June 2012, the Jack Welch Management Institute announced the appointment of Daniel Szpiro as Dean. Szpiro had previously been the Associate Dean for Executive Education at the Samuel Curtis Johnson Graduate School of Management at Cornell University. The institute offers an accredited Master of Business Administration and executive certificates covering various business-related topics through online"
"emerging markets. Welch pioneered a policy of informality at the work place, allowing all employees to have a small business experience at a large corporation. Welch worked to eradicate perceived inefficiency by trimming inventories and dismantling the bureaucracy that had almost led him to leave GE in the past. He closed factories, reduced pay rolls and cut lackluster units. Welch valued surprise and made unexpected visits to GE's plants and offices. Welch popularized so-called ""rank and yank"" policies used now by other corporate entities. Each year, Welch would fire the bottom 10% of his managers, regardless of absolute performance. He"
"Electric chairman and CEO Jack Welch has been described as a ""20-70-10"" system. The ""top 20"" percent of the workforce is most productive, and 70% (the ""vital 70"") work adequately. The other 10% (""bottom 10"") are nonproducers and should be fired. Rank-and-yank advocates credit Welch's system with a 28-fold increase in earnings (and a 5-fold increase in revenue) at GE between 1981 and 2001. The often cited ""80-20 rule"", also known as the ""Pareto principle"" or the ""Law of the Vital Few"", whereby 80% of crimes are committed by 20% of criminals, or 80% of useful research results are produced"
"1985. Of the 112,000 who left the payroll, 37,000 were in businesses that GE sold, and 81,000 were reduced in continuing businesses. In return, GE had increased its market capital tremendously. Welch reduced basic research, and closed or sold off businesses that were under-performing. In 1986, GE acquired RCA. RCA's corporate headquarters were located in Rockefeller Center; Welch subsequently took up an office in the now GE Building at 30 Rockefeller Plaza. The RCA acquisition resulted in GE selling off RCA properties to other companies and keeping NBC as part of the GE portfolio of businesses. During the 1990s, Welch"
"when Jack Welch asked Gary Wendt, the head of GE Financial Services, Inc, then a $41 billion empire and GE's most profitable division, to resign, on the theory that he would overshadow Welch's other candidates. Immelt surpassed Robert Nardelli, who was so close to Welch that his nickname was ""Little Jack"", and James McNerney; Nardelli would leave GE to head Home Depot and then Chrysler, and McNerney left GE to lead 3M (before going on to lead Boeing). Immelt was selected by the GE Board in November, 2000, to succeed Welch as CEO of GE; he served as GE's president"
"loudly around the company, according to people who work there...The executive who spoke [to Wingfield] on condition of anonymity recalled Ms. Brummel saying: ""I hope I never have to read another article about our review system ever again."" General Electric, by far, was the most famous company to use the form of corporate management. However, since Welch's departure from the company, less emphasis has been placed on eliminating the bottom 10%, with more emphasis placed on team-building. During Welch's leadership, the system was dubbed ""rank and yank"". ""The New York Times"" reported in 2015 that the company dropped the evaluation"
"John J. Welch Jr. John James ""Jack"" Welch Jr. (1930–2010) was a United States scientist and businessman who served as Assistant Secretary of the Air Force (Acquisition) from 1987 to 1992. John J. Welch Jr. was born in Cambridge, Massachusetts on August 23, 1930. He was educated at the Massachusetts Institute of Technology, graduating with a B.S. in 1951. After college, Welch got a job with Vought (which was acquired by Ling-Temco-Vought in 1961). From 1965 to 1970, he was vice president of the missiles and space division of LTV Aerospace. In this capacity, from 1965 to 1970, he was"
"GE's youngest chairman and CEO, succeeding Reginald H. Jones. By 1982, Welch had dismantled much of the earlier management put together by Jones with aggressive simplification and consolidation. One of his primary leadership directives was that GE had to be No. 1 or No. 2 in the industries it participated in. Through the 1980s, Welch sought to streamline GE. In 1981, he made a speech in New York City called ""Growing fast in a slow-growth economy"". Under Welch's leadership, GE increased market value from $12 billion in 1981 to $410 billion when he retired, making 600 acquisitions while shifting into"
"the 25 non-profit groups that came to inhabit Jackson Square faced eviction, and engaged in a battle with Yale Properties that ended abruptly on October 10, 1998 with their 30-day notice of eviction. The downsizing of many insurance firms that had once predominated the office complexes of Jackson Square saw a dramatic decrease in their use of space, with the most evident being the locally famous Stelco Tower that held a 69 per cent vacancy rate and a workforce of 303 people, down from zero per cent vacancy and a workforce of 1,697 employees in 1979. The final blow for"
"and waste of corporate assets"". In 2002 news reports appeared that recently retired GE CEO Jack Welch received $2.5 million in in-kind benefits in his first year of retirement, including the unlimited personal use of GE private jet aircraft; exclusive use of a $50,000 a month New York City apartment; unrestricted access to a chauffeured limousine; office space in both New York City and in Connecticut. This came to light not through proxy statements of CEO compensation but from divorce papers filed by his wife. In 2005, columnist and Pulitzer Prize–winning journalist Gretchen Morgenson attacked the practice of hiding executive"
"Union and Eastern Bloc nations, a powerful class of bureaucratic administrators termed ""nomenklatura"" governed nearly all aspects of public life. The 1980s brought a backlash against perceptions of ""big government"" and the associated bureaucracy. Politicians like Margaret Thatcher and Ronald Reagan gained power by promising to eliminate government regulatory bureaucracies, which they saw as overbearing, and return economic production to a more purely capitalistic mode, which they saw as more efficient. In the business world, managers like Jack Welch gained fortune and renown by eliminating bureaucratic structures inside corporations. Still, in the modern world, most organized institutions rely on bureaucratic"
"""his own man."" Welch preferred internal, or ""organic"" growth and benefited from long-term US economic trends that buoyed his major business lines. In particular Welch's tenure benefited from the economic expansion during the Clinton Administration which ended immediately before Immelt became GE's CEO. The US economy faced a number of shocks after Immelt became CEO: the 9/11 terrorist attacks on the USA and the 2008-09 financial crisis. Immelt's governance has taken a different path, differentiating him from Welch in both substance and style. On the one hand he has eliminated or reduced GE's involvement in a number of businesses from"
"often known as """"Little Jack"""", after his mentor Jack Welch, whom Nardelli had ambitions to succeed as CEO of GE. When Jack Welch retired as chairman and CEO of GE, a lengthy and well-publicized succession planning saga ensued. Nardelli competed with James McNerney and Jeffrey R. Immelt to succeed Welch. With Immelt winning the three-way race, Nardelli and McNerney left GE (as was Welch's plan). About 10 minutes after Welch let him go, Nardelli received a job offer from Kenneth Langone, who at the time was on the boards of both GE and The Home Depot. Nardelli became CEO of"
"shifted GE's business from manufacturing to financial services through numerous acquisitions. Welch adopted Motorola's Six Sigma quality program in late 1995. In 1980, the year before Welch became CEO, GE recorded revenues of roughly $26.8 billion and in 2000, the year before he left, they were nearly $130 billion. By 1999 he was named ""Manager of the Century"" by ""Fortune"" magazine. Embedding succession planning and employee development is important since the departures of management can have significant consequences on an organization. This decision will have paramount effects on future activities. Welch was passionate in making people GE's core competency. There"
"of Welch's largest acquisitions, NBC Universal and GE Capital. According to ""BusinessWeek"" in 1998, Welch's critics questioned whether the short-term performance pressure he placed on employees may have led them to ""cut corners"", thus contributing to subsequent scandals over defense-contracting, and/or the Kidder, Peabody & Co. bond-trading scheme in the early 1990s. The following year, CEO Welch took issue with reclassification of GE in the Fortune 500 as a ""diversified financial services company"" rather than an ""electrical equipment company,"" and by 2005 many had noted that the price-earnings ratios of the financial services sector were lower than that for GE."
"a business. After the famous NBC Whitepaper in 1980 titled ""If Japan Can... Why Can't We?"" the 1980s and 1990s saw the emergence of a variety of approaches, such as business process reengineering, Total Quality Management, Six Sigma, and Lean Manufacturing. Inevitably some of the people involved in these initiatives tried to begin applying what they learned to sales and marketing. For instance, Cas Welch was instrumental in designing and installing Westinghouse Electric's Total Quality program. As one of the first such programs in American industry, it was emulated by other firms and government agencies. His audits of Westinghouse sales"
"was only $200 billion, and Welch refused to discuss its decline, other than noting much of the decline had resulted from investments in real estate, and that his immediate, handpicked successor, Jeff Immelt had to deal with the aftereffects of the September 11, 2001 terrorist attack. The New York Times wrote a critical article in 2017, noting GE's stock price as overvalued under Welch because of the growth of the financial services sector, as well as described the amalgamated corporation's decline in 16 years under Immelt, who likewise was one of the country's highest-paid managers and eventually sold off two"
"Secretary of the Air Force, from April 29, 1989 until May 21, 1989. After leaving government service in 1992, Welch served on the Board of Directors of a number of corporations, including MBDA-US, Verint Systems, Serco, Dynacs Military & Defense, Meggitt, and Wilcoxon Research. Welch died at Legacy Lifecare Hospital in Plano, Texas on October 8, 2010. John J. Welch Jr. John James ""Jack"" Welch Jr. (1930–2010) was a United States scientist and businessman who served as Assistant Secretary of the Air Force (Acquisition) from 1987 to 1992. John J. Welch Jr. was born in Cambridge, Massachusetts on August 23,"
"observed at GE. Welch was persuaded to remain at GE by Reuben Gutoff, an executive at the company, who promised him that he would help create the small-company atmosphere Welch desired. In 1963, an explosion at the factory which was under his management blew off the roof of the facilities, and he was almost fired for that episode. By 1968, Welch became the vice president and head of GE's plastics division, which at the time was a $26 million operation for GE. Welch oversaw production as well as the marketing for the GE-developed plastics Lexan and Noryl. Not long after,"
"to an alcohol-related incident that occurred to Torn in January 2010. Welch appeared as himself here and was chairman and CEO of GE from 1981 until 2001. Actor James Rebhorn, best known for his current role as a special agent in the USA Network crime comedy-drama ""White Collar"", made his debut as the character Dr. Kaplan, Liz and Wesley's dentist. This was news anchor Brian Williams' third guest appearance as himself. In the scene in which he appears, Williams engages in smack talk in the CNBC offices, telling Avery and her colleagues that his news program ""NBC Nightly News"" ""rules""."
"Then they purchased a home in Boston. Their purchase of an apartment in New York was featured in a ""Forbes"" article. Jeff Immelt Jeffrey Robert Immelt (born February 19, 1956) is an American business executive currently working as a venture partner at New Enterprise Associates. He retired as chairman of the board of the U.S.-based conglomerate General Electric on October 2, 2017. He was selected as GE's CEO by their board of directors in 2000 to replace Jack Welch upon Welch's retirement from GE. Previously, Immelt had headed up GE's Medical Systems division (now known as GE Healthcare) as its"
"One admirer believed Welch's acquisitions and wholesale shutdowns of GE business units Welch ""proved"" that keeping only the ""good"" units of a company can maximize ROI in the short term. Welch's income and assets came under particular scrutiny during his divorce from his second wife, Jane Welch, in 2001, for adultery with the woman who became his third wife. Court filings during the divorce described Welch's GE compensation, which led to a Securities and Exchange Commission investigation of the then-retired Welch's employment contracts with GE. In 1996, Welch and GE had agreed to a ""retention package"" worth $2.5 million, and"
"Officer. In the 1990s, Jack Welch, then CEO of GE, made Steve Kerr his CLO, making GE the first company to have such an officer. Kerr also became the CLO and Managing Director for Goldman Sachs In 2012, Emma Cunis, executive director of the Chartered Institute of Management Accountants spoke at a CLO summit held in Mumbai. Cunis was part of a panel that discussed the cost of not investing in executive learning and development. She quoted former General Electric CEO Jack Welch to make her case: ""The Jack Welch of the future cannot be like me. I spent my"
"which promised continued access after Welch's retirement to benefits he had received as CEO—including an apartment in New York, baseball tickets and the use of a private jet and chauffeured car. Welch stated that he did not want more money, nor a more traditional stock package, but instead preferred to retain the lifestyle he had enjoyed as GE's CEO. According to a 2008 interview with Welch, he had filed the agreement with the SEC, and addressed the media attention and accusations of being ""greedy"" by renouncing those benefits. In 2012, Welch and his third wife, Suzy Welch, quit their business"
"He was awarded the Vermilye Medal in 1978. Jones selected his successor, Jack Welch, based on the outcome of a succession contest. Jones' own account of that contest can be heard in an interview conducted with him by Prof. Gerald Zahavi (U-Albany, SUNY). Jones is best known to the public for his role in changing the relationship between business and government. He was co-Chairman of the Business Roundtable. He served as Chairman of The Business Council in 1979 and 1980. On 30 December 2003, Jones died in Greenwich, Connecticut, United States. During his tenure as CEO of GE he implemented"
"Vitality curve A vitality curve is a performance management practice that calls for individuals to be ranked or rated against their coworkers. It is also called stack ranking, forced ranking, and rank and yank. Pioneered by GE's Jack Welch in the 1980s, it has long been a controversial practice due to its negative effects on employee morale and potential for bias and discrimination. Many companies have abandoned the system in recent years, including GE, Microsoft, and Goldman Sachs. As organizational behavior expert David A. Thomas put it, ""companies are playing their version of '""Survivor""'"". The vitality model of former General"
"without interference from the authorities. These qualities led ""Wizard Magazine"" to rate him the 45th greatest villain of all time. ""TV Guide"" named him #2 in their 2013 list of The 60 Nastiest Villains of All Time. In 2016, ""Rolling Stone"" ranked him #8 of their ""40 Greatest TV Villains of All Time"". As the primary antagonist, Mr. Burns spends his time in his office at the nuclear plant, monitoring his workers via closed-circuit cameras. At an early age, Mr. Burns left his family to live with a twisted and heartless billionaire who owned an ""atom mill"" in Shelbyville. He"
"melt down) United States nuclear power plants. With Jack Bauer working for Secretary of Defense James Heller, his job brings him to CTU as a visitor on this very day. Believing that something terrible is about to happen, Jack begs CTU director Erin Driscoll to reinstate him and begins to interrogate a suspect. The suspect reveals that James Heller and Audrey Raines are the primary targets just as they are kidnapped. When Jack saves a civilian programmer who discovered evidence of a cyber-attack in progress (a friend of Chloe O'Brian), he allows one of the terrorists to escape and lead"
"and had to be disposed of. Under the direction of President and Chief Executive Officer James N. Neel, Nuclear Engineering Company (referred to in operational documentation as 'NECO'), now known as 'American Ecology' (Nasdaq: ECOL), installed an evaporator and disposed of the accumulated radioactive water as steam from 1973 to April 1986, nearly 9 years after the site had stopped accepting waste materials. The evaporator generally operated 24 hours a day. Approximately six million gallons of liquid were processed by the evaporator. In addition to the trenches for Low Level Radioactive Waste there were ""Hot Wells"" that were used to"
"shouted at top voice, seemingly independently of one another""” by Armand Borel, who attributed the success of this process to the commitment and hard work of the members. At the General Electric company, the successful chief executive, Jack Welch, forced his managers to justify their positions by intensive argument that often became shouting matches. The result was to make the management confront reality and motivate them to make their proposals work. Shouting matches should be avoided in commercial interactions between customers and suppliers because they tend to poison relations between the parties and so reduce the possibility of a productive"
"retirement in 1971., Welsh served as SWEPCO President from 1954 to 1966, and Board Chairman from 1966 to 1971. He also served as president of the Southwest Atomic Energy Associates, as director of the Texas Atomic Energy Research Foundation (a Texas consortium of ten electrical power companies), and as a member of the board of directors of the National Association of Manufacturers, among numerous other roles at regional and national levels in the utilities industry. Welsh and his wife, Marcella, had seven children. One of their sons, John Robert ""Jack"" Welsh (1926 - 2005), was a Jesuit priest. Likewise, one"
"established a network of more than three bottlers in all fifty U.S. states. Once nicknamed ""Mr. Nice Guy"" by ""Beverage Industry"", a trade publication, Marsh was considered a pioneer of employee-friendly policies in corporate America. Under Marsh, Snapple offered flexible work schedules to let workers care for children and elderly relatives. Marsh and his business partners also purchased a company bus to transport workers who didn't own cars to Snapple's new facility when the company moved its corporate headquarters from Valley Stream, New York, to New York City in 1990. Sales increased throughout the 1980s and the company expanded its"
"a little unsettling to the insecure. He challenged everything, If you couldn't back up what you said, look out. But he also challenges himself."" Bossidy had a long term business relationship with General Electric CEO Jack Welch that began in the late 1960s when Bossidy came to audit GE's plastics division where Welch worked at the time. Bossidy later worked for Welch when Welch became CEO at General Electric. ""Larry is a quick thinker, who energizes others around him. When he gets behind an idea, he lights up a room,"" says Welch. ""He has both the mental toughness as well"