At the end of the 20th century, perhaps no U.S. business leader was more admired—and emulated—than former General Electric CEO Jack Welch. He became legendary for almost single-handedly remaking the massive Boston-based conglomerate into a global leader. During his 20-year tenure, which ended in 2001, Welch presided over a 40-fold increase in share price and vaporized tens of thousands of jobs—earning in the process the nickname “Neutron Jack.”

Today, however, Welch’s formidable fingerprints are largely being wiped away by yet another round of restructuring, initiated by his successor Jeffrey Immelt. His legacy turned out not to be as lasting as previously thought.

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