Former GE CEO Jack Welch hospitalized

BOSTON, MASSACHUSETTS - Former General Electric Co. Chairman and Chief Executive Jack Welch has been hospitalized in New York with a bacterial infection but is expected to recover, according to his office.

"Jack Welch was admitted to New York Presbyterian Hospital on July 5 with a bacterial infection," his office said in an e-mailed statement. "He is expected to fully recover."

The 73-year-old executive led GE from 1981 through 2001 and picked the largest U.S. conglomerate's current chief, Jeff Immelt.

Welch, the author of several books on management, including "Winning," earned the nickname "Neutron Jack" early in his tenure for his aggressive restructuring actions. During his time as CEO the company's revenue grew from about $26.8 million to nearly $130 billion and its market value surged from $13 billion to several hundred billion dollars.