That is The Takeaway from immediately’s Morning Temporary, which you’ll signal as much as obtain in your inbox each morning together with:You need to love the irony of it.This week, Dave Calhoun, an acolyte of the late Jack Welch, the legendary longtime chief government of Basic Electrical, stated he was quitting as chief government of Boeing, becoming a member of the checklist of unsuccessful Welch disciple CEOs.And Welch’s legacy will disappear when Basic Electrical’s title vanishes from the checklist of publicly traded US shares on Tuesday. That’s when GE, which spun off GE HealthCare final yr, will break up itself into GE Vernova and GE Aerospace.The mix of Calhoun quitting, the top of the conglomerate, and Basic Electrical’s title disappearing tells us loads about how the world has modified since Welch was worshiped by the likes of Fortune Journal (which named him the Supervisor of the Century in 1999) and the Monetary Occasions (which named GE “The World’s Most Revered Firm” for the third straight yr in 2000, the yr earlier than Welch stepped down as CEO).I wrote concerning the finish of Welch’s legacy final yr after Larry Culp, who turned GE’s CEO in 2018, introduced plans to separate the corporate into three items, none of which might be named Basic Electrical. Because the Welch hagiography died down, the mess left behind confirmed that his genius was as a lot in taking part in accounting video games as anything.Jack Welch, former chairman and CEO of Basic Electrical, in his New York Metropolis residence. (Brooks Kraft LLC/Corbis through Getty Photos) (Brooks Kraft through Getty Photos)Culp, the primary GE chief government who hadn’t been an organization worker, succeeded two Welsh acolytes within the place: John Flannery, who lasted 14 disastrous months, and Jeff Immelt, Welch’s chosen successor, who had lasted for 16 less-than-mediocre years earlier than that.After I completed laughing on the irony of Dave Calhoun stepping down the week earlier than the title Basic Electrical vanishes from the markets, I made a decision this is able to be a very good time to compile a listing of unsuccessful CEOs who had been Jack Welch mentees.Story continuesI had no concept that the checklist could be so lengthy.I mixed my data from many years of writing about enterprise with further analysis, then learn a 2022 e-book about Welch written by David Gelles, a New York Occasions journalist. The title says all of it: “The Man Who Broke Capitalism: How Jack Welch Gutted the Heartland and Crushed the Soul of Company America — and The way to Undo His Legacy.”Between my work and Gelles’s e-book, I ended up with a listing of 13 unsuccessful CEOs who had been Welsh followers. To indicate that the world isn’t completely black and white, I additionally included 4 profitable Welsh acolyte CEOs.What stunned me concerning the checklist is that no fewer than 4 of the 13 had been CEOs of the identical firm: Boeing. I don’t know why that’s. I used to be additionally stunned to see that three of the 13 acquired two photographs at being CEOs and all three went 0 for two.In equity, you’ll be able to see why so many boards of so many firms had been keen to rent Welchies as CEOs. Jack Welch was a megasuccessful CEO — or, at the least, he appeared to be. GE’s inventory rose 5,600% throughout his 20-year tenure, which was eight occasions the S&P 500’s 700% rise. (I’m not together with dividends in both of these numbers).Welch was additionally enormously revered by huge swaths of the enterprise group and society at massive, and for some time, GE was the US’s most precious firm, with its inventory price $600 billion.After Welch retired from GE, it turned clear that the corporate had been taking part in earnings and accounting video games that had been made potential by the handfuls of acquisitions that Welch made and by the truth that he’d constructed GE’s finance subsidiary into a big operation. Monetary property permit much more flexibility than manufacturing does with regards to reporting features and losses.There’s heaps that we will study from the Horrible 13 Welch followers who had been unsuccessful CEOs. The largest factor is that what appeared to work for Welch — “rating and yanking” by firing the underside 10% of staff yearly, taking part in countless accounting video games to make quarterly earnings targets, not pondering long-term — is not any option to run an organization.Disclosures: I’ve a medium-size GE holding that I’ve purchased in a number of levels since Larry Culp turned its CEO. I started shopping for GE as a result of I’ve acquired sizable features on my funding in Danaher Corp., which prospered beneath Culp’s management. I’ve a modest funding in GE HealthCare, and I’ve given every of my grandchildren 16 shares of GE.Allan Sloan is an award-winning monetary journalist and contributor to Yahoo Finance.morning transient picture