Welch was persuaded to remain at GE by Reuben Gutoff, an executive at the company, who promised him that he would help create the small-company atmosphere Welch desired. In 1961, Welch planned to quit his job as junior engineer because he was dissatisfied with the raise offered to him and was unhappy with the bureaucracy he observed at GE. He worked as a junior chemical engineer in Pittsfield, Massachusetts, at a salary of $10,500, which would be equivalent to approximately $106,000 in 2022 dollars. He graduated from the University of Illinois in 1960 with a master's and a PhD in chemical engineering. Welch graduated in 1957 with a Bachelor of Science degree in chemical engineering, turning down offers from several companies in order to attend graduate school at the University of Illinois at Urbana-Champaign. In his sophomore year, he became a member of the Phi Sigma Kappa fraternity. Welch worked in chemical engineering at Sunoco and PPG Industries during his college summers. Late in his senior year, Welch was accepted to University of Massachusetts Amherst, where he studied chemical engineering. Welch attended Salem High School, where he participated in baseball, football, and captained the hockey team and became second lieutenant right after graduating. Throughout his early life in middle school and high school, Welch found work in the summers as a golf caddie, newspaper delivery boy, shoe salesman, and drill press operator. His paternal and maternal grandparents were Irish. Jack Welch was born in Peabody, Massachusetts, the only child of Grace (Andrews), a homemaker, and John Francis Welch Sr., a Boston & Maine Railroad conductor. In 2006, Welch's net worth was estimated at $720 million. When Welch retired from GE, he received a severance payment of $417 million, the largest such payment in business history up to that point. He was Chairman and CEO of General Electric (GE) between 19. (November 19, 1935 – March 1, 2020) was an American business executive.
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