Indian American insurance industry veteran will be part of team establishing and executing its strategic direction
Sushmita Shukla, an insurance industry veteran of 20 years of Indian descent, has been named as the First Vice President and Chief Operating Officer of the Federal Reserve Bank of New York.
Shuklaâ€™s appointment as approved by the Board of Governors of the Federal Reserve System, will be effective March 2023, New York Fed announced Dec 8.
As First Vice President, Shukla will be the New York Fedâ€™s second ranking officer. Together with the Bankâ€™s President and Chief Executive Officer, she will establish, communicate, and execute the strategic direction of the organization. She will also serve as an alternate voting member of the Federal Open Market Committee.
â€œSushmita is a dynamic, inspiring, and highly effective leader who brings extensive experience leading large-scale enterprises and transformation initiatives to the Bank,â€ said John C. Williams, President and Chief Executive Officer of the New York Fed.
â€œShe has an in-depth knowledge of technology and agile innovation methods and is passionate about creating a truly diverse and inclusive culture.â€
Rosa M. Gil, Chair of the New York Fedâ€™s Board of Directors and Founder, President and Chief Executive Officer of Comunilife, Inc., said, â€œSushmita has deep expertise and leadership acumen that will support the Bank in achieving its mission and strategic priorities. Iâ€™m delighted that the search committee was able to seek out and bring in such a qualified and empathetic leader to this critical role, and we look forward to seeing what she, John, and the Bankâ€™s leadership can achieve together.â€
â€œI am honored to have the opportunity to work for a mission-driven organization like the New York Fed,â€ said Shukla. â€œI look forward to applying all that Iâ€™ve learned in my career â€“ including my technology, operations, and risk-focused experiences â€“ to furthering the key activities and supporting the dedicated leadership of this critical institution.â€
Read: New York Fed Names Sushmita Shukla as First Vice President (December 08, 2022)
Shukla has served in leadership roles in the insurance industry for nearly 20 years, primarily leading operations, technology, and enterprise-wide transformation efforts.
For the past five years, she has been Senior Vice President and Chief Operations Officer for International Accident & Health at Chubb, the worldâ€™s largest publicly traded property and casualty insurance company.