Mr Immelt will head the new panel focusing on promoting economic growth by investing in business
US President Barack Obama is to name Jeffrey Immelt, the boss of General Electric, as the head of a new economic advisory panel.The President's Council on Jobs and Competitiveness will replace the Economic Recovery Advisory Board that had been led by former Federal Reserve chairman Paul Volcker.Mr Immelt said he had been asked to chair the new body in an opinion piece for the Washington Post.
President Obama announced late on Thursday that Mr Volcker would step down as an adviser when his panel's mandate expires on 6 February."I will always be grateful to Paul Volcker for his service as the head of my Economic Recovery Advisory Board," the president said.
Mr Immelt has also served for the past two years on the panel chaired by Mr Volcker.
"I look forward to leading the next phase of this effort as we transition from recovery to long-term growth," he wrote in the Washington Post.
"Jeff Immelt's experience at GE 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," President Obama said in a statement.