Jack Welch, the executive regarded as the father of the “shareholder value” movement, has said that the obsession with short-term profits and share-price gains that has dominated the corporate world for more than 20 years was “a dumb idea”.
The former General Electric chief told the Financial Times the emphasis that executives and investors had put on shareholder value since he spelt it out in an 1981 speech was misplaced.
Mr Welch, whose record at GE helped make shareholder value popular, said that it was wrong for managers and investors to set consistent earnings growth and steady share price increases as their overarching goal.
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