The Man Who Broke Capitalism: How Jack Welch Gutted the Heartland and Crushed the Soul of Corporate America―and How to Undo His Legacy
Jack Welch is credited as being the first person to use mass layoffs as a strategy to meet revenue numbers. Was Jack Welch one of the world's best leaders or one of the worst?
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Today’s episode is with David Gelles, a business journalist and author of the new best-selling book The Man Who Broke Capitalism: How Jack Welch Gutted the Heartland and Crushed the Soul of Corporate America―and How to Undo His Legacy.
In 1981, Jack Welch took over General Electric and quickly rose to fame as the first celebrity CEO. He golfed with presidents, mingled with movie stars, and was idolized for growing GE into the most valuable company in the world. But Welch’s achievements didn’t stem from some greater intelligence or business prowess. Rather, they were the result of a sustained effort to push GE’s stock price ever higher, often at the expense of workers, consumers, and innovation
In our discussion we will explore how former GE CEO Jack Welch fundamentally altered capitalism with his ruthless focus on short-term profits over people. While some people consider Jack Welch to be one of the world’s greatest leaders and CEOs, others think he did far more harm than good.
Listen to the episode and leave your thoughts in the comments section.
In this episode you will learn:
What business was lack before Jack Welch.
The strategies Jack Welch used at GE to grow the company.
The negative impacts of Jack Welch’s approach to business.
If we should focus on shareholder or stakeholder value.
Focus on short term success while balancing long-term goals
Paid subscribers will also get access to an episode on Thursday where David shares the leadership lessons we can learn from Jack Welch, alternative ways to lead a business besides the Jack Welch style of management, and how we can undo the damage that Jack Welch caused. You can upgrade here and stay tuned for the episode on Thursday.
Listen or watch the full discussion below:
If there’s one thing that Jack Welch WASN’T, it’s vulnerable.
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