In some ways, Kozlowski actually outdid Welch, his idol. Certainly, he transformed the third-rate conglomerate that he inherited to a greater degree than Welch changed GE, which was renowned as America's best-managed corporation long before "Neutron Jack" happened on the scene. But Kozlowski ended up betraying his own talent and the company to which he devoted almost his entire career. It has been a steep and humiliating descent for the man who once vowed to become the greatest CEO ever.

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With David Polek in New York