NEW YORK—The Board of Directors of the Federal Reserve Bank of New York has appointed Sushmita Shukla as First Vice President and Chief Operating Officer, effective March 2023. The appointment was approved by the Board of Governors of the Federal Reserve System.
As First Vice President, Ms. Shukla will be the New York Fed’s second ranking officer. Together with the Bank’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.
“Sushmita is a dynamic, inspiring, and highly effective leader who brings extensive experience leading large-scale enterprises and transformation initiatives to the Bank,” said John C. Williams, President and Chief Executive Officer of the New York Fed. “She has an in-depth knowledge of technology and agile innovation methods and is passionate about creating a truly diverse and inclusive culture.”
Rosa M. Gil, Chair of the New York Fed’s Board of Directors and Founder, President and Chief Executive Officer of Comunilife, Inc., said, “Sushmita has deep expertise and leadership acumen that will support the Bank in achieving its mission and strategic priorities. I’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 Bank’s leadership can achieve together.”
“I am honored to have the opportunity to work for a mission-driven organization like the New York Fed,” said Ms. Shukla. “I look forward to applying all that I’ve learned in my career – including my technology, operations, and risk-focused experiences – to furthering the key activities and supporting the dedicated leadership of this critical institution.”
Ms. 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 world’s largest publicly traded property and casualty insurance company. For more information on her background, please see her bio.
The search was conducted by a subset of the eligible members of the New York Fed’s Board of Directors. That search committee included Rosa M. Gil; Vincent Alvarez, Deputy Chair of the New York Fed’s Board of Directors and President of the New York City Central Labor Council, AFL-CIO; Adena T. Friedman, President and Chief Executive Officer of Nasdaq, Inc.; and Denise Scott, President of Local Initiatives Support Corporation. The search committee retained Bridge Partners, an executive search firm with unique expertise in attracting and retaining senior, diverse executives.