Sundown For Jack, Judy Welch

Retired General Electric Co. Chairman Jack Welch has reached a divorce settlement with his former wife.

"Jack Welch and Jane Beasley Welch have settled their matter effective immediately and are now divorced," both sides said in a joint statement Thursday.

Terms were not disclosed.

The settlement avoids a trial — which was scheduled to start Monday — that could have opened a window into the lifestyle of one of America's most influential business leaders.

A document released earlier in the case detailed how Welch spent some $51,000 a month for upkeep on a half-dozen houses scattered from Massachusetts to Florida, more than $52,000 a month for gifts and nearly $9,000 for food and drink, among other expenses.

The Welches disclosed their plans to divorce more than a year ago, shortly after Suzy Wetlaufer — then-editor of the Harvard Business Review — revealed she had become romantically involved with Welch while working on a story about him.