Afternoon Coffee: Jack Welch, celebrated as CEO of GE, dies at 84; Reuters details prohibited Huawei-Iran shipment; coronavirus news

Noted CEO and businessman Jack Welch died in Boston at 84, The Associated Press reported Monday. Welch led General Electric from 1981 to 2001, and he became known for his business acumen and style.

“A chemical engineer by training, Welch transformed the company from a maker of appliances and light bulbs into an industrial and financial services powerhouse. During his tenure, GE’s revenue grew nearly fivefold, and the firm’s market capitalization increased 30-fold,” the AP reports.

“Welch’s results-driven management approach and hands-on style were credited with helping GE turn a financial corner, although some of the success came at the expense of thousands of employees who lost their jobs in Welch’s relentless efforts to cut costs and rid GE of unprofitable businesses.”

GE’s current CEO, H. Lawrence Culp Jr., issued the following statement:

“Today is a sad day for the entire GE family. Jack was larger than life and the heart of GE for half a century. He reshaped the face of our company and the business world.”

Reuters says Huawei documents show Iran got U.S. computers

Reuters reports that 2010 shipping documents from Huawei, China’s mobile phone carrier, sent prohibited U.S. computer components to Iran in violation of U.S. sanctions against Iran.

“The United States is trying to persuade allies to avoid using Huawei equipment in their next-generation mobile telecommunications systems, known as 5G. Separately, U.S. authorities are battling Huawei on a legal front,” Reuters reports.

Get coronavirus updates

CNBC has a rolling blog that is keeping up with the coronavirus outbreak. Deaths have been reported in the U.S., and in Texas, the Centers for Disease Control and Prevention released a woman in quarantine after two tests said she didn’t have the coronavirus — but a third test wasn’t read until after she left. It was positive, CNBC reports.

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