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Boeing's shakeup and GE's fall: 2 more black eyes for Jack Welch's legacy.
One common thread runs between Boeing CEO Dave Calhoun's departure and the death knell for GE next week: Jack Welch. Veteran financial journalist Allan Sloan notes that of the CEOs Welch mentored, four succeeded while 13 failed.
I wrote about the end of Welch’s legacy last year after Larry Culp, who became GE’s CEO in 2018, announced plans to split the company into three pieces, none of which would be named General Electric. After I finished laughing at the irony of Dave Calhoun stepping down the week before the name General Electric vanishes from the markets, I decided this would be a good time to compile a list of unsuccessful CEOs who were Jack Welch mentees. The biggest thing is that what seemed to work for Welch — “ranking and yanking” by firing the bottom 10% of employees every year, playing endless accounting games to make quarterly earnings goals, not thinking long-term — is no way to run a company.
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