Indian-origin Sushmita Shukla appointed First VP of Fed Reserve of New York

NEW YORK: The Federal Reserve Bank of New York has named Indian-origin insurance legendary Sushmita Shukla as First Vice President and Chief Operating Officer.

As First Vice President, Sushmita  Shukla, aged 54, will be the institution's second-ranking officer.

Ms Shukla's appointment was approved by the Board of Governors of the Federal Reserve System, the New York Federal said in a statement on Thursday.

Expressing gratitude she said, "I look forward to putting everything I've learned in my career- including my technology, operations, and risk-focused experiences to use in advancing the primary initiatives and assisting the committed leadership of this crucial institution.

Shukla will define, communicate, and carry out the organization's strategic direction in conjunction with the president and chief executive officer of the Bank.

She will also participate in the Federal Open Market Committee as an alternate voting member.

"Sushmita is a creative, motivating, and highly effective leader who brings substantial expertise managing large-scale organisations and transformation programmes to the Bank." said John C Williams President and Chief Executive Officer of the New York Fed. She is passionate about developing a truly diverse and inclusive culture and has in-depth knowledge of technology and rapid innovation techniques, he added.

Shukla has approximately 20 years of experience directing operations, technology, and enterprise-wide transformation initiatives in the insurance sector.  She has served as Senior Vice President and Chief Operations Officer for International Accident & Health at Chubb, the biggest publicly traded property and casualty insurance company in the world, for the past five years.

Shukla, a resident of Connecticut, holds a bachelor's degree in electrical engineering from the University of Mumbai and an MBA from New York University.

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