President Obama named General Electric Co. CEO Jeff Immelt to chair his outside panel of economic advisors, replacing onetime Fed Reserve chairman Paul Volcker.
“The President has great respect for him,” said White House press secretary Robert Gibbs, en route Friday to Schenectady, N.Y. where the president planned a formal announcement. “GE is one of the most prominent, well-known corporations throughout the world ”¦ I think there”™s an excellent story in terms of the fact that you”™re talking about a company that is building things, that (is) bringing those jobs back to the United States.”
In the fourth quarter, Fairfield-based GE reported its first year-over-year increase in revenue in two years, earning $4.5 billion on sales of $41.4 billion.
GE Capital saw loan volume increase 30 percent in the fourth quarter, as the Norwalk-based division continues its recovery from the credit crisis and recession.
