Welch turned GE into a powerhouse conglomerate over a 20-year span and was known for developing talent at the company.
The businessman led the corporation from 1981 to 2001. GE's revenue was under $30 billion when Welch took the helm and had grown to $130 billion by 2000.
"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," Home Depot co-founder Ken Langone told Maria Bartiromo in 2018.
FOX Business' Kristina Partsinevelos and Julia Limitone contributed to this report.
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