Former GE chief Jack Welch dies at 84

Jack Welch, the former CEO and chair of General Electric, died late Sunday at age 84, his wife confirmed Monday.

Welch died of renal failure, per his wife; he retired from GE in 2001. Welch oversaw GE for two decades as its market value ballooned from $12 billion to $410 billion, for a time the world's second-most valuable company, reports CNBC.

Welch was also known as the "neutron bomb" for his aggressive cuts to the workforce and willingness to make major changes beneficial to the company's bottom line. Fortune magazine called Welch the "manager of the century" in 1999, lauding his quick action that helped raise the conglomerate's global standing.

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President Trump paid tribute to his "friend and supporter" Welch in a Monday tweet, declaring him a "business legend" and saying they "made wonderful deals together." Kathryn Krawczyk