General Electric (GE) CEO Immelt to Join Obama's Economic Board

General Electric (NYSE: GE) chief executive officer Jeffrey Immelt will be named head of President Barack Obama's outside panel of economic advisors, the White House said on Friday.

Immelt will replace Paul Volcker, the former Federal Reserve Chairman, who has decided to step down from his position.

Obama intends to create a the new Council on Jobs and Competitiveness, which will be headed up by Immelt. The president said that he wants the council to “focus its work on finding new ways to encourage the private sector to hire and invest in American competitiveness.”

The new panel will replace the Economic Recovery Advisory Board that was headed by Volcker, 83, during the worst economic crisis for the U.S. since the Great Depression, and is set to expire on February 6.

Obama said that the the new panel comes at a new stage of the economic recovery, which is seeing a shift from crisis to job creation.

“Jeff Immelt’s experience at G.E. and his understanding of the vital role the private sector plays in creating jobs and making America competitive makes him up to the challenge of leading this new council,” Obama said.

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