TIME

Milestones

DIED

Jack Welch

Business leader

WHEN HE TOOK THE REINS of American industrial behemoth General Electric in 1981, Jack Welch—who died March 1 at 84—launched a new era at the manufacturer. He cut divisions making small household appliances, which were stymied by competition from Asia; drastically expanded GE’s finance business; and shed thousands of jobs “for productivity

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