This article first appeared in Boston Business Journal, a sister publication of BostInno.

Watertown-based athenahealth Inc. is naming former General Electric Co. CEO Jeff Immelt as chairman of its board, a role previously held by athenahealth founder and CEO Jonathan Bush.

Athenahealth (Nasdaq: ATHN) first announced it was looking for a new chairman last August, several months after activist investor Elliott Management bought a 9 percent stake in the healthcare IT company. Bush will stay on the board, which now consists of 11 directors.

“Jeff shares our vision for more connected, efficient, and human-centered healthcare; and like us, believes a platform-oriented business and technology strategy is fundamental to executing against that vision,” Bush said in a statement.

Athenahealth has also identified about $100 million worth of cost cutting opportunities since Elliott Management got involved, which included laying off about 400 people late last year.

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In its statement announcing Immelt’s appointment, athenahealth touted his track record growing GE Healthcare from a $3 billion business to a $20 billion business during his time leading that division.

“I have long been inspired by founder-led companies and their ability to outperform and out-innovate peers,” Immelt said in a statement. “In this regard, I have great respect for all that athenahealth has accomplished and its passionate culture, which has been such an important contributor to the company’s success.”

Immelt will receive a $60,000 annual cash retainer paid in quarterly installments, an annual equity award for 2018 of restricted stock units with a value of $281,250, and an annual cash retainer fee of $50,000 for serving as the chairman, according to a regulatory filing.

Athenahealth said Immelt also plans to purchase approximately $1 million of athenahealth common stock in the open market.

Immelt was also recently named a venture partner at New Enterprise Associates, one of the country’s biggest venture capital firms. He stepped down as CEO of GE (NYSE: GE) in August after a 16-year tenure.