GE's Immelt Resigns From NY Fed Board

FOXBusiness

Jeffrey Immelt, the chief executive of General Electric (NYSE:GE), resigned from his post on the New York Federal Reserve's board of directors last month, the Fed said Thursday.

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.

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