Carl Remick wrote:
> Certainly no greater cult of personality exists than the one that has grown
> up around GE CEO Jack Welch, who has received an advance of $7.1 million
> from Time Warner for a book about his career and philosophy.
>
> In an editorial entitled "The Welsh Mystique," the NY Times yesterday summed
> up Welch's career this way: "He took a company with a market value of $12
> billion and [in 20 years] turned it into a company worth $500 billion.
> Along the way he sold off underperforming divisions and fired about 100,000
> people, thus earning himself the name 'Neutron Jack.'"
>
> The NYT clearly thinks the tradeoff was worth it, since Welch's gung-ho
> management style "freed [GE] of fuzzy paternalism."
>
> Waddya think LBOers -- is $488B in added market cap worth 100K pink slips
> and freedom from fuzziness?
>
> Carl
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-- Michael Perelman Economics Department California State University Chico, CA 95929
Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu