Francis Jack Welch Jr. is an American based former business executive, a chemical engineer, and Author. He remained at the position of chairman and CEO of General Electric from 1981 to 2001. His efforts contributed to raising the market value of General electric by 4000%. Now let’s have a close look at the net worth of Jack Welch in the year 2018.
Early life and Biography
Jack was born in Peabody, Massachusetts on November 19, 1935. He was raised up by his parents in Massachusetts itself. Jack has Irish American and Roman Catholic Background.
When Jack was in school, he used to work as a Golf caddie, Shoe salesman, Newspaper delivery boy and drill press operator. He completed his schooling at Salem High School. In school, he loves to play Basketball, Baseball and also he was captain of the school hockey team.
He always works in his summer vacations for some extra money and extra knowledge. Some of the places where he worked are Sunoco, PPG Industries, etc.
Jack married thrice in his life. He had four children with his first wife, Carolyn. This marriage ended on good terms after 28 years in April 1987.
Jack married to Jane Beasley in April 1989 who was a former acquisitions and mergers lawyer. They divorced in the year 2003. Jack already made a premarital agreement. Jane Beasley insisted on the time limit of this agreement and thus she was able to leave the marriage with $180 million.
Later Jack married Suzy Wettlaufer who co-authored his 2005 book winning as Suzy Welch. In the Harvard Business Review, she was Editor in chief. After few years of marriage, Suzy finds out about an affair with Jack which got them separated.
Career, Awards, and nominations
Jack Joined General electric in the year 1960 at a position of Junior Chemical engineer in Pittsfield. Because of some circumstances, Jack had to leave the job in the year 1968. After that, he became the vice president and Head of General electric in their plastic division. After three years, Jack became Vice president of General Electric chemical and Metallurgical divisions as well.
In the year 1981, Jack was the youngest CEO and chairman of General Electric and take it to another level of success. Its value increased by $268 Billion.
Net worth and Earnings
Jack was the youngest CEO and chairperson at General Electric from 1981 to 2001. During this time, his efforts increased the company by almost 4000 percent because of which, Jack received Severance payment worth $418 million at his retirement. His estimated net worth is around $800 million. His severance payment was the largest payment in the US history.
In the earlier days, Jack worked every other job which will help him to make money like delivering newspapers, golf caddie, etc. His all the efforts took him to the success path and never let him see backward. He is living the life he had ever aspired for.