Former GE CEO Welch hospitalized with infection

NEW YORK -- Former General Electric CEO Jack Welch has been hospitalized for a week with an infection but is expected to make a full recovery, according a statement released by New York-Presbyterian Hospital on Monday.

Welch, 73, was admitted to the Manhattan hospital on July 5, suffering from a bacterial infection.

Welch spent two decades as GE's chairman and chief executive, helping to build the Fairfield, Conn.-based conglomerate into one of the world's largest companies. He was known for his results-driven management approach and hands-on style, along with his relentless efforts to cut costs at GE by shedding underperforming businesses and slashing jobs.

Since retiring, Welch and his wife, Suzy, have focused on corporate leadership training. Last month, Welch announced plans to start a new online MBA program through Chancellor University.

Welch had health problems in 1995 while leading GE, suffering from chest pains and undergoing heart bypass surgery.