Jack Welch, Chairman of the General Electric Company recently received a book advance of $7.1 Million Dollars, the largest in history.
Set to retire next year at age 65, Jack Welch is finishing a 20-year career of leading General Electric. During his tenure, he increased G.E.’s market value from $12 Billion to more than $500 billion and provided shareholders with an average return of more than 20 percent.
Mr. Welch never settled for anything but the best. He always pushed his managers to raise the bar. To help celebrate their success, Mr. Welch personally communicated with his managers through hand written notes.
In raising the bar, Jack Welch always looked for ways to make everything GE did better, faster and more valuable for its customers. One of the ways he accomplished is through a highly acclaimed initiative called “Six Sigma”. Employees were trained in this process productivity improvement program and were awarded the designation of black belts. Now Six Sigma sets the standard for how GE sells and repairs its products and services.
Six Sigma was so successful at GE that many companies in other industries are now implementing the program and sending their employees to become certified black belts. This program is becoming a mainstay of how companies are doing business in the new millennium. In fact, some companies are requiring their vendors to become Six Sigma certified in order to do business.
It is amazing that one man could have such an impact on American Business. The concepts of looking forward, raising the bar, communicating with employees and acting with the thought that failure is not an option have supported Jack Welch’s drive and success. Is it any wonder why Jack Welch is nicknamed the Dean of American Business? And is it any wonder why Mr. Welch received a $7.1 Million Book Advance?
Congratulations to Jack Welch, our Titan of the Month.