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Welch gets a new job
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October 2, 2001: 12:16 p.m. ET
Former GE chairman, CEO joins Clayton Dubilier & Rice as partner
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NEW YORK (CNNfn) - Former General Electric Chairman and CEO Jack Welch was named a special partner in the private investment firm of Clayton Dubilier & Rice Tuesday.
New York-based Clayton Dubilier & Rice purchases the non-core operations of companies and then manages them into profitable assets. The firm said Welch, 65, will assist in changing the culture of companies in its portfolio, administering effective management practices and increasing performance initiatives.
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Jack Welch, former GE chairman, CEO | |
"Clayton Dubilier & Rice's demonstrated ability to deal with significant operating challenges and to focus on creating better business plays to my interests," Welch said.
Welch led the world's most valuable company, measured by market capitalization, for 20 years before stepping down Sept. 7 when General Electric (GE: up $0.15 to $37.79, Research, Estimates) named Jeffrey Immelt chairman and CEO.
"The core of our investment model is to enhance our portfolio companies by making them perform better operationally, and there is no one in the world more qualified to provide broad perspective and thought leadership to us than Jack," Clayton Chairman Joseph Rice said.
Clayton Dubilier & Rice agreed last month to sell food service provider Alliant Exchange to the Dutch firm Royal Ahold for $2.2 billion. The firm purchased Alliant from Phillip Morris in 1995 for $690 million. 
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