Home Depot co-founder Ken Langone on Friday applauded former CEO Jack Welch during an appearance on FOX Business.
Continue Reading Below
He said Welch, who turned GE into a powerhouse conglomerate over a 20-year span, had a knack for developing talent and conducting business.
“Jack Welch, without question … is one of the greatest businessmen, not only that I’ve known, but I think in the history of American business,” Langone told Maria Bartiromo on “Mornings with Maria”.
Langone, who served on GE’s board from 1995 to 2005, is holding Welch’s successor Jeff Immelt accountable for company woes.
“It appears to me that Jeff’s goal was to un-Jack General Electric,” he said. “Now the numbers and results speak for themselves. It’s a tragedy.”
When Bartiromo asked whether GE would ever come back, Langone replied, “not as it was.”
Immelt stepped down as CEO in 2017. During his time the company has lost $150 billion in stock market value and its shares have declined nearly 33%.