The Man Who Broke Capitalism: How Jack Welch Gutted the Heartland and Crushed the Soul of Corporate America—and How to Undo His Legacy

New York Times reporter Gelles (Mindful Work) delivers a cutting takedown of former General Electric CEO Jack Welch. As chairman and CEO of GE from 1981 to 2001, Gelles writes, Welch reshaped corporate capitalism with his focus on growth at the expense of anything else. Gelles depicts his subject as an aggressive, argumentative kid who grew up to be a validation-seeking, temperamental adult. His two decades at the helm of the electronics giant were characterized, Gelles asserts, by a “relentless pursuit of financial glory,” during which he fired thousands of workers, cobbled together unrelated businesses that could turn a quick buck, and turned GE into a company that “paid little regard to its employees and was addicted to short-term profits.” The CEO’s actions sapped morale at the company, Gelles contends, yet his “extreme practices became commonplace” as profits grew and “Welchism” prevailed at more and more companies. For businesses interested in putting “an end, once and for all, to the bankrupt practice of making men like Welch our heroes” the author suggests remedies such as sharing “wealth with our workers” and “celebrating CEOs who... prioritize long-term growth over short-term gains.” Full of color and vitriol, this is an incisive, eye-popping history. Agent: Amanda Binky Urban, ICM Partners. (May)