After more than 40 years with one company and 20 as its boss, Jack Welch is preparing for a new career: record-breaking author.

Mr Welch is expected to receive an advance of more than $5m (£3m) for a planned book on the lessons learned during his time at General Electric, the American conglomerate.

The record-breaking sum was the result of fierce bidding by rival publishers in New York. Few books, let alone business books, attract such large advances.

Mr Welch, 64, is set to retire next April. His literary debut, described as more management guide than memoir, will be published later in 2001.

A spokesman for GE said Mr Welch, who earned $93.1m last year as chairman and chief executive, will give the proceeds of the book to charity.

Mr Welch became one of the most widely followed managers by preaching a strategy of always aiming for the number one or two slot in any market and for global reach. He is held in wide esteem for his management of a disparate empire which extends from machine tools to the NBC television channel and GE Capital, a financial services group.

The company, which posted revenues of $11.6bn last year, has the highest market capitalisation in the world.

Mr Welch has been one of the most aggressive chief executives of a traditional business in recognising the threat and opportunity of the internet. Under a strategy dubbed dyb.com or destroy-your-business.com, his managers were forced to become more webcentric.

Last year, Mr Welch was voted manager of the century by Fortune magazine. A Guardian poll of chief executives last year rated him the best ever.

Mark Reiter, Mr Welch's literary agent, said the as-yet-untitled book would be "about the lessons he's learned along the way, managing GE". Mr Welsh will collaborate with John Byrne, a senior writer at Business Week.