Jack Welch is in the hospital

Jack Welch, famed former CEO of General Electric, has been admitted to New York Presbyterian hospital with a bacterial infection. He will be hospitalized for a week, but is expected to make a full recovery.

Welch began his career at GE in 1960; 21 years later, he became the youngest CEO in the history of the company. During his subsequent 20-year career as CEO, he became famous for his brash -- sometimes brutal -- management style. In the first five years of his tenure, Welch shed over 112,000 employees, and he continued to fire the lowest-performing 10 percent of his managers every year. In the process, he streamlined GE, expanded it into financial services, and transformed it into the most valuable and largest company in the world.