Jack Welch was a very well known and respected business leader who passed away this week. Welch was an American business executive, chemical engineer, and writer. He was chairman and CEO of General Electric between 1981 and 2001. In 2006, Welch's net worth was estimated at $720 million. Welch was known for having very simple attitudes towards leadership. Here are just a few themes from the successful life of Jack Welch. "If you pick the right people and give them the opportunity to spread their wings and put compensation as a carrier behind it you almost don't have to manage them." - "I've learned that mistakes can often be as good a teacher as success." - "Willingness to change is a strength, even if it means plunging part of the company into total confusion for a while.