CHAPTER
1
GENERAL ELECTRIC
PART I
The Jack Welch Years and the Cash Flow Machine That Created the Largest Company on Earth
Our first case study is the biggest story of them all, the amazing and disheartening narrative of a signature American company that rejuvenated its business a number of times and then faltered, in one of the largest erosions of shareholder and reputational value in history.
General Electric (GE) reached the pinnacle of capitalism in the 1990s. In 1999, Fortune called CEO Jack Welch the “Manager of the Century.” With a $600 billion market cap in 2000, it became the most valuable company in the world, about ...
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