Reuters columnist quits for 'better traction' elsewhere

Jack Welch, former chief executive of General Electric, and his third wife Suzy wrote opinion pieces for Reuters. Welch, 77 next month, caused a stir when he posted on Twitter last Friday about the US Department of Labor’s monthly jobs report. The report showed the US unemployment rate dipping below eight per cent for the first time since January 2009.

Welch’s tweet suggested the Obama administration had manipulated the numbers to help the president’s re-election campaign. He tweeted: “Unbelievable jobs numbers. these Chicago guys will do anything. can’t debate so change numbers.”

White House officials dismissed the tweet as ludicrous. Reuters reported it, quoting a money manager and blogger who said the comments were laughable. Reuters wrote that the blogger’s comments were referring to allegations that Welch regularly manipulated GE's earnings during his tenure as CEO in order to best Wall Street profit estimates.

As the brouhaha became more heated, Welch decided enough was enough. In an e-mail he sent on Tuesday to Stephen Adler, editor-in-chief of Reuters, copied to Andy Serwer, managing editor of Fortune, Welch said he and his wife would no longer contribute to Fortune or Reuters. On Wednesday he would have an article in The Wall Street Journal instead, he said.

“In terms of traction, it’s just a better platform for us than Reuters or Fortune,” he wrote. “So effective today, we’re terminating our contract.” ■