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GE CEO Jeffrey Immelt to Chair New Economic Recovery Board

Photo Courtesy - Chip Somodevilla/ Getty Images(SCHENETADY, N.Y.) --  Jeffrey Immelt, the CEO and chairman of General Electric, is set to be named as chair of the new economic recovery board, according to the White House.

President Obama will officially appoint Immelt to the position while touring a GE plant in Schenectady, New York Friday.  Immelt will head the new President’s Council on Jobs and Competitiveness, which Obama will sign into creation during the tour.

The new board will replace the President’s Economic Recovery Advisory Board that was created in 2009 and is set to shut down on Feb. 6, 2011.  It will "focus on finding new ways to promote growth by investing in American business to encourage hiring, to educate and train our workers to compete globally, and to attract the best jobs and businesses to the United States."

Immelt has been the chairman of GE since 2001.  Obama said his "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."

Copyright 2011 ABC News Radio

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