Former General Electric Co. Chief Executive Jack Welch is putting his name and money behind a little-known educational entrepreneur, injecting some star power into the budding industry of online education. Mr. Welch is paying more than $2 million for a 12% stake in Chancellor University System LLC, which is converting formerly bankrupt Myers University in Cleveland into Chancellor University. It plans to offer most courses online. Chancellor will name its Master of Business Administration program The Jack Welch Institute. Chancellor's leading investor is Michael Clifford, an entrepreneur who has launched two publicly traded companies in the past year: Grand Canyon...