Stephen B. Shepard, a former editor of BusinessWeek and later dean of the CUNY Graduate School of Journalism called Welles "probably the premier business writer" of his generation, citing his ability to identify the "shenanigans, abuses and downfalls" in the business world.
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Mobil Corporation, a longtime sponsor of the fellowship, backed out of its financial support in retaliation for Welles' earlier writings about the oil industry, stating that the company "didn't have confidence in the leadership" of the program.
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A resident of Brooklyn, Welles died at age 72 on June 19, 2010, due to complications of Alzheimer's disease, while at a nursing home in Salisbury, Connecticut.
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