How one of America’s most storied CEOs destroyed his legacy

JACK Welch, one of the most celebrated corporate chieftains of his time, spent the last few years of his life profoundly regretting what he believed was the most important decision of his career: his choice of successor.

This angry admission came flying at me before I could even sit down to join Welch, who was the chairman and CEO of General Electric from 1981 to 2001, for lunch at a Nantucket golf club in August 2018. For all of his much-celebrated prowess, he believed he had made what may be one of the most common management mistakes around: falling for a candidate’s charm and political skills rather than choosing the person who was likeliest to do the best job. Choosing the wrong CEO was a theme Welch returned to often during our many conversations before his death in March 2020, at 84.

He felt responsible. He felt guilty. He wanted me to know that he made a major mistake.