Meet the Manager of the Century: Jack Welch

Summary:
I met Jack Welch. He answered questions about his books and the economy. He even asked me a few questions and laughed at my jokes.




I’m here to pimp my wife’s book.


Those were the first words spoken by Jack Welch, when he presented alongside his wife, Suzy Welch, to an audience at the Indigo book store at the Manulife Center in Toronto, on April 27, 2009.

Jack was referring to Suzy’s new book.¹

When I heard that Jack was coming to Toronto, I knew I had to meet him.

This is Jack Welch: Named “Manager of the Century” (that’s a pretty decent accolade) by Fortune magazine.

During his 20-year tenure (from 1984 to 2004) as CEO of General Electric, he increased GE’s market capitalization from $14 billion to more than $410 billion — making GE the largest and most valuable company in the world.

Jack entered the store with his wife, the much younger and stunning Suzy Welch. Suzy is the former Executive Editor of one of my favorite magazines, the prestigious Harvard Business Review.

She speaks with authority and presence, and she has a vivaciousness that initially had me wondering if she might upstage her husband.

But once Jack began answering questions, I was reminded of how Warren Buffett described Jack’s ebullience:

When you talk with Jack about management, his energy and passion fill the room.

Q & A with Jack

Though Jack tried to let the evening be Susie’s show, he obliged the audience by answering a few questions.

In his responses, Jack shared some thoughts about “gut intelligence,” the economy recovery, as well as some questions to ask yourself:

1. Jack was challenged on whether his admonition to “follow your gut” might lead people to omit important data in the decision-making process.

Jack responded by relating “gut intuition” to “pattern recognition”: Your gut identifies patterns of experience you’ve seen before, and intuitively hints you toward a correct decision based on your previous encounters.

Jack advised:

Don’t ignore your gut. Your gut is a legtimate data point. But combine your gut with additional data to make a better decision.

2. People naturally dismiss ideas from people they dislike — regardless of the merit of those ideas.

3. Two questions Jack asked himself during his life:

• What do you want people to say about you when you’re not in the room?
• What would make you cry with regret on your 70th birthday?”

4. On the economy, and the U.S. government’s plan to “spend its way out of the recession:”

How will we repay the debt? Consider that:
1. The US will realistically grow at a mere 4% a year.
2. We have more global competition than ever.
3. People have become fundamentally more frugal.




Talking with Jack One-On-One

I approached Jack after the question and answer session and asked: “Jack, which idea is tougher to sell inside organizations — candor or boundarylessness?” (These are two concepts that Jack endorses in his books.)

Jack’s eyes widened as he exclaimed, “They are both as tough as nails to sell!” He looked at me intently, stating emphatically: “You have to reward those behaviors.”

Discussing these ideas got Jack fired-up! (What doesn’t? His exuberance is legendary.)

We shared some anecdotes and Jack asked about me and my career. He took a keen interest in me, and he was very encouraging. He maintained a relaxed but focused attention when he spoke with me.

He projects a down-to-earth warmth and sincerity. He frequently makes funny remarks, and he even laughed at my jokes. (Even my girlfriend doesn’t get all my jokes, so clearly Jack is a very enlightened person from my perspective.)

Meeting Jack Welch reminded me of how gratifying it is to discover that a celebrity whom you have admired from afar turns out to be just as impressive and likable in person.

What do you think? Is Jack Welch one of the best CEOs ever?

1. 10-10-10: A Life-Transforming Idea has received mixed reviews. Some compared it to Suzy’s first book, “Winning,” that she co-wrote with Jack. While 10-10-10 is nowhere near the caliber of “Winning,” my guess is that Suzy’s book is targeted to an Oprah “Book of the Month Club” type of audience. [↩]

Tagged as: Jack Welch, Suzy Welch