Whisked by chopper from New York City, Jack Welch arrives early at the (GE) training center at Croton-on-Hudson. He scoots down to The Pit--the well of a bright, multitiered lecture hall--peels off his blue suit jacket, and drapes it over one of the swivel seats.
This is face-to-face with Jack, not so much as the celebrated chairman and chief executive of GE, the company he has made the most valuable in the world, but rather as Professor Welch, coach and teacher to 71 high-potential managers attending a three-week development course.
What do "The Pit" and "well" here mean? What do they refer to? I'm still confused after having consulted so many dictionaries. Thanks.
"The Pit" is the nickname given to the "well" of this lecture hall.
Try definition 8 from the Collins World Dictionary:
Imagine a large, multi-tiered lecture hall. There would be an open area that was where the lecturer would be.