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GE’s Welch to Retire Sept. 7; Will Hang Shingle In Shelton
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Business New Haven
8/6/2001
By: BNH
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FAIRFIELD - General Electric Co. chairman Jack Welch said he will officially retire at the company's Sept. 7 board meeting.
Welch, 65, had planned to retire in April but deferred his departure to shepherd the $41 billion merger of GE and Honeywell International Inc. That deal was derailed earlier this month by objections from European Union antitrust regulators.
His successor, president and chairman-elect Jeffrey R. Immelt, was announced last November.
Welch spent four decades at GE, including 20 as chairman. He carefully stage-managed the selection of Immelt, and said in March it was his intention to “get out of the way'' of his successor.
Welch, who has received a gigantic $7.1 million advance to write a book about business management, has said he does not intend to run another company, but would consider a non-executive chairmanship or a position mentoring other executives.
He said he envisioned an informal, personal and private relationship with a handful of executives rather than a broad consulting role, and wanted to work with managers on real projects rather than hypotheticals.
To that end, BNH has learned that Welch has leased office space on the seventh floor of 2 Corporate Drive, Shelton.
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