General Electric chairman Mr Jack Welch, a legendary figure in US business circles, stepped down last night, handing the helm of the world's biggest industrial conglomerate to successor Mr Jeffrey Immelt.

GE was a sleeping giant when Mr Welch (65) took control more than 20 years ago and he transformed the company from top to bottom, making it into the world's largest corporation. On his watch, General Electric's annual profits have risen from around $2 billion (€1.79 billion) to $12 billion, while its market value has soared from $13 billion dollars in 1981 to nearly $400 billion today.