President Obama has named GE CEO Jeff Immelt as head of the new President’s Council on Jobs and Competitiveness. The move is a definite switch from the President’s previous Economic Recovery Advisory Board, lead by Paul Volcker. Now, the focus is not on repair, but on creating new jobs.
Immelt knows a little something about the job front, having served as CEO of General Electric since 2001. He helped G.E. to record an earnings increase of 51% for the 2010 fourth quarter, and has made large strides in expanding the company, especially in foreign markets.
Immelt believes that his approach to management at G.E. could translate to the U.S. government. In a recent opinion piece for the Washington Post, Immelt said:
“Business leaders should provide expertise in service of our country. My predecessors at GE have done so, as have leaders of many other great American companies. There is always a healthy tension between the public and private sectors. However, we all share a responsibility to drive national competitiveness, particularly during economic unrest. This is one of those times.”
As President Obama looks to increase jobs and promote a more business-friendly attitude, the Council may well take a more prominent place on the employment front. Until then, it’s bound to prompt discussion on the interaction between government and private sector business, and what this latest move may mean for our economy.
Source: Fortune