Jeffrey Immelt, the chief executive officer for General Electric Co., has resigned from the board of the Federal Reserve Bank of New York, citing increased demands on his time.
The New York Fed says the resignation was effective March 9. Immelt had served on the board since 2006.
President Barack Obama tapped Immelt to run a presidential council on job creation and competitiveness in January.
As a board member, Immelt helped the New York Fed monitor the region's economic and financial developments. The New York Fed is one of 12 regional banks that are part of the Federal Reserve system.