President Barack Obama has chosen J.P. Morgan Chase & Co. executive William Daley to be his new chief of staff, according to Reuters.

In Daley, Obama is bringing in someone who was not part of his original inner circle and someone who has extensive business experience.

Economist William Galston, who was a domestic policy adviser to President Bill Clinton, told Reuters that Daley should help Obama repair frayed relations with the U.S. business community.

“He has excellent connections with the business community and I think will be a very credible and reassuring bridge to them as the Obama administration tries to reset relations with them,” Galston said.

Early reviews are good, judged by comments from Thomas Donohue, president of the U.S. Chamber of Commerce, which represents more than 3 million businesses.

“This is a strong appointment,” Donohue told Reuters. “Bill Daley is a man of stature and extraordinary experience in government, business, trade negotiations and global affairs.”