President Obama has publicly introduced General Electric CEO Jeffrey Immelt as his new top economic adviser. Immelt will head the newly formed President’s Council on Jobs and Competitiveness, which takes the place of the Economic Recovery Advisory Board led by Paul Volcker. On Friday, Obama said Immelt would drive the administration’s stated goal of creating jobs.

President Obama: “Our job is to do everything we can to ensure that businesses can take root and folks can find good jobs and America is leading the global competition that will determine our success in the 21st century. And so now, to help fulfill this new mission, I’m assembling a new group of business leaders and outside advisers. And I am so proud and pleased that Jeff has agreed to chair this panel, my Council on Jobs and Competitiveness, because we think GE has something to teach businesses all across America.”

Immelt’s appointment has come under scrutiny on multiple fronts. He’ll retain his position at the helm of GE, creating a potential conflict of interest. As one of the nation’s largest corporations, GE has a variety of business and issues before the federal government, including media mergers, military sales, environmental cleanup, and a $16.1 billion bailout in 2008. And while Obama has touted Immelt’s mission to create jobs, the United Electrical Workers Union says GE has closed 29 plants in the United States in the past two years, laying off around 3,000 workers.