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JACK

WELCH

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Dr. John Francis Welch, Jr

November 19, 1935 (age 74)

Peabody, Massachusetts

John, a Boston & Maine Railroad conductor, and Grace, ahomemaker

University of Massachusetts Amherst, graduating in 1957 witha Bachelor of Science degree in chemical engineering

Welch went on to receive his M.S. and Ph.D at the University ofIllinois at Urbana-Champaign in 1960

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Welch joined General Electric in 1960. He worked as ajunior engineer in Pittsfield, Massachusetts, at a salary of$10,500 annually

Welch was displeased with the $1,000 raise he was offered afterhis first year, as well as the strict bureaucracy within GE

He planned to leave the company to work with InternationalMinerals & Chemicals in Skokie, Illinois

Reuben Gutoff, a young executive two levels higher than Welch,

decided that the man was too valuable a resource for thecompany to lose

Welch was named a vice president of GE in 1972

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He moved up the ranks to become senior vice president in 1977

and vice chairman in 1979

Welch became GE's youngest chairman and CEO in 1981,succeeding Reginald H. Jones. By 1982, Welch haddisassembled much of the earlier management put together by

Jones.

Welch worked to streamline GE. In 1981 he made a speechin New York City called "Growing fast in a slow-growtheconomy

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General Electric

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General ElectricGE is imagination at work. From jetengines to power generation, financial

services to water processing, andmedical imaging to media content, GEpeople worldwide are dedicated to

turning imaginative ideas into leadingproducts and services that help solvesome of the world's toughest problems.

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General Electric Year of inception 1978

Founders - Thomas EdisonElihu ThomsonEdwin J. Houston

Headquarters- Fairfield, Connecticut, U.S

Employees - 304,000 (2009)

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General Electric

Products

AppliancesAviation

Consumer ElectronicsElectrical distributionEnergyFinanceHealthcareLighting

EntertainmentOilGasLocomotivesSoftware

Water

Subsidiaries

GE EnergyGE Technology Infrastructure

GE CapitalNBC UniversalGE Home & BusinessSolutions

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General Electric Key people

Jeffrey R. Immelt (Chairman and CEO)

Keith Sherin (Vice Chairman and CFO)

Gary M. Reiner (SVP and CIO)

Beth Comstock (SVP and CMO)

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General Electric

Revenue US$157 Billion (2009)

Operating income US$10.34 Billion (2009)

Net income US$10.7 Billion (2009)

Total assets US$782 Billion (2009)

Total equity US$117 Billion (FY 2009

)

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General Electric

Formation : By 1890, Thomas Edison had brought together several of his

business interests under one corporation to form EdisonGeneral Electric.

At about the same time, Thomson-Houston Company, underthe leadership of Charles A. Coffin, gained access to a numberof key patents through the acquisition of a number ofcompetitors.

Subsequently, General Electric was formed by the 1892 mergerof Edison General Electric of Schenectady, New York and

Thomson-Houston Company of Lynn, Massachusetts, and bothplants remain in operation under the GE banner to this day.

The company was incorporated in New York, with theSchenectady plant as headquarters for many years thereafter.

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General Electric

Going Public:

In 1896, General Electric was one of the original 12 companieslisted on the newly formed Dow Jones Industrial Average and

still remains after 114 years, the only one remaining on the Dow(though it has not continuously been in the DOW index).

23 Ton diesel electric locomotive made at the General ElectricCorp. plant in Schenectady, N.Y.

In 1911 the National Electric Lamp Association (NELA) wasabsorbed into General Electric's existing lighting business. GEthen established its lighting division headquarters at Nela Parkin East Cleveland, Ohio. Nela Park is still the headquarters forGE's lighting business.

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General ElectricRCA

The Radio Corporation of America (RCA) was founded by GE in1919 to further international radio. GE used RCA as its retailarm for radio sales from 1919, when GE began production, untilseparation in 1930.RCA would quickly grow into an industrialgiant of its own.

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General ElectricP

ower generation GE's long history of working with turbines in the power generation field

gave them the engineering know-how to move into the new field ofaircraft turbosuperchargers.

Led by Sanford Moss, GE introduced the first superchargers duringWWI, and continued to develop them during the Interwar period. Theybecame indispensable in the years immediately prior to WWII, and GEwas the world leader in exhaust-driven supercharging when the warstarted. This experience, in turn, made GE a natural selection todevelop the Whittle W.1 jet engine that was demonstrated in the US in

1941.

GE Aviation emerged as one of the world's largest enginemanufacturers second only to the well founded, and older, Britishcompany; Rolls-Royce plc, who led the way in innovative, reliable, andefficient high performance heavy duty jet engine design and

manufacture.

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General Electric

Computing GE was one of the eight major computer companies through all of the

1960s with IBM, the largest, called "Snow White" followed by the"Seven Dwarfs": Burroughs, NCR, Control DataCorporation, Honeywell, RCA, UNIVAC and GE.

GE had an extensive line of general purpose and special purposecomputers. Among them were the GE 200, GE 400, and GE 600 seriesgeneral purpose computers, the GE 4010, GE 4020, and GE 4060 realtime process control computers, and the Datanet 30 message switchingcomputer.

In 1970 GE sold its computer division to Honeywell. This group,including Burroughs, UNIVAC, NCR, Control Data Corporation andHoneywell, were usually, within the industry itself, referred to as the"BUNCH", not as the "Seven Dwarfs", whereas IBM has always, withinthe industry itself, been referred to as "Big Blue", and still is