Indian American Sushmita Shukla Appointed As the First Vice-president of New York Fed

Mrs. Shukla, an Indian American joins the New York Fed as the first Vice-president and chief operating officer in history.            

Sushmita Shukla, an Indian American, will be appointed the first vice president and chief operating officer, per the unanimous decision of the Board of Directors of the Federal Reserve Bank of New York. She is expected to take up the position in March 2023. The appointment has received approval from the board of governors of the federal reserve system.

Holding the fame of second ranking officer in the New York Fed, Mrs. Shukla has graduated with a bachelor's degree in electrical engineering from the University of Mumbai. With an established synergy with the bank’s president and chief executive officer (CEO), Mrs. Shukla’s leadership is anticipated to establish, communicate, and execute the strategic direction of the organization. Moreover, Mrs. Shukla will serve as an alternate voting member of the Federal Open Market Committee.

Mr. John C. Williams, the president and CEO of the New York Fed, quoted Mrs. Shukla’s efficiency to be dynamic, inspiring, and highly effective leadership, to favor transformation initiatives and experience from large-scale enterprises to the bank. He further remarked that Mrs. Shukla holds an in-depth knowledge of technology and agile innovation methods, commemorating her passion for fostering a potentially diverse and inclusive culture.

Rosa M. Gil, Chair of the New York Fed’s Board of Directors, founder, president, and CEO of Communlife, Inc, held an appreciation token for Mrs. Shukla for her deep expertise and leadership acumen. This experience will likely favor enhanced support in achieving the mission and strategic priorities of the bank. She holds high regard for the qualified and empathetic leader, per the achievements Mrs. Shukla will proffer in the New York Fed.

Meanwhile, Mrs. Shukla expressed her gratitude for the appointment to work for a mission-driven organization like New York Fed. With her abilities in technology, operations, and risk-focussed experiences, Mrs. Shukla ensures proficient growth in key activities and support with her dedicated leadership of this significant institution. The 54-year-old veteran holds leadership for nearly two decades in the insurance sector, leading operations, technology, and enterprise-wide transformation efforts. She also served as a senior vice-president and chief operations officer for the international accident and health at Chubb for nearly five years, leading operations, claim the technology, and strategic programs for 51 nations. She holds a Master's in Business Administration (MBA) from New York University.