Time to change : Business mogul Jack Welch has called for an end to the college hierarchy that has caused education to become cripplingly expensive . Business mogul Jack Welch has called for an end to the college hierarchy that has caused higher education to become cripplingly expensive . Speaking to DailyMail.com CEO Jon Steinberg , the former head of General Electric insisted that it 's time to cut out expensive and needless middle management . He said : 'If you look at education today there are deans , there are associate deans , there are assistants to the associate deans . There 's hierarchy beyond belief . 'Why should these lazy professors hang out getting fat on money while kids are going broke graduating ? 'It 's dumb , it 's stupid , and it has to be broken . ' Welch warned that this increase in middle management is driving up the cost of higher education , which is now failing to give students value for the amount of money they are forced to shell out . He told Steinberg that he is now dedicated to taking education in a new direction as executive of the Jack Welch Management Institute ( JWMI ) , which currently has over 900 students and is growing . He said : 'At JWMI one thing is true - and this will be a big change for education - we think : 'Who is our customer ? ' The student is our customer . 'We have no tenure . We will remove faculty if the students call for it . 'They know when they 're getting value and when they 're not . They 're great consumers and they give us voice ' 'If we 've got jerks that are n't giving them what they want , we '' l have a chat with them once , and the second time they wo n't be there . They wo n't be in the next class . ' The business mogul and his wife , business journalist and author Suzy Welch , were speaking at an Answers to Correspondents event at the New York 's Core Club hosted by DailyMail.com and JWMI . During the intimate conversation , Welch claimed that JWMI could provide a model for what the future of graduate education can be . 'We 're seeing lives change , ' he said . 'It 's amazing how we 're changing lives with some very basic steps and an economically sound deal for us and for them . ' Jack Welch ( right ) and his wife , business journalist and author Suzy Welch ( center ) , were speaking with DilyMail.com CEO Jon Steinberg at an Answers to Correspondents event at the New York 's Core Club . Following the release of their new book The Real-Life MBA : Your No-BS Guide to Winning the Game , Building a Team , and Growing Your Career , the couple discussed how real-world business scenarios should be used in education . Suzy Welch said : 'What 's happening in business education in our school are these team-based projects that are more simulation of business troubles and business challenges , and that 's better . ' She pointed out that at many schools business education is being taught by academics , who lack real-world experience at a management level . 'Most of them have n't managed a thing , ' she added . 'They 're sitting there talking to you about leadership and they 've not led a person . 'At our school , 90 per cent of the faculty are also business leaders . They are business executives who all have done PhDs . 'Anything that can be more real world really helps . '
The business mogul was speaking to DailyMail.com CEO Jon Steinberg . 'Donald Trump is a great businessman,' he said. ' With his wife Suzy Welch he is dedicated to changing business education .