GE’s Immelt Resigns From New York Fed Board of Directors

General Electric Co. Chief Executive Officer Jeffrey Immelt resigned from the Federal Reserve Bank of New York’s board of directors, citing “increased demands” on his time.

Immelt, 55, stepped down effective March 9, the New York Fed said in a statement today. He noted in his resignation letter to New York Fed President William C. Dudley that his other commitments include the President’s Council on Jobs and Competitiveness, which he has led since January. Immelt had served as a regional bank director since January 2006.