Immelt cited "increased demands" on his time, including his role as chairman of the President's Jobs and Competitiveness council, as his reason for leaving.
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Immelt had served as one of nine directors since 2006. He was a so-called "class B" director, meaning his responsibility was representing the interests of the public.
"Jeff provided great insight as a valued Board member during a very important time for the Bank and broader economy,” said William Dudley, president and chief executive officer of the Federal Reserve Bank of New York, in a statement.