Jim Cramer on Jack Welch’s Legacy

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Jack Welch, the former General Electric GE Chairman and CEO who was credited with dramatically increasing the company's market value, died Monday. He was 84 years old.

His death was announced by his wife, Suzy.

Welch, who joined GE in 1960, became its youngest chairman and CEO in 1981 at age 45. During his tenure at GE, the company's value rose from $12 billion in 1981 to $410 billion when he retired in 2001.

"I think Ken Langone said it best. He celebrated and champion of people in a meritocracy. You know, he believed that and this is something I feel and I know I was criticized on Twitter about this, but meritocracy is something I really deeply believe in and Jack believed in that and taught us a lot about that and I don't think that's necessarily prevailing theme of some of the leaders...Jack was someone who said, if you do a good job, you do well, and it's pretty simple. I liked the black and whiteness of Jack. Now, there are people who moved on who I wished had gotten the top job. And then there was the guy who got the top job, who was the bad part of Jack's legacy, unfortunately. But those of us who knew Jack were astounded at how much he touched you and touched your life," said Cramer.

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