Indian-origin Sushmita Shukla named First VP of Federal Reserve Bank of New York

The Federal Reserve Bank of New York has appointed Indian-origin insurance veteran Sushmita Shukla as First Vice President and Chief Operating Officer.

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

Her appointment was approved by the Board of Governors of the Federal Reserve System, the New York Fed said in a statement on Thursday.

"I am honored to have the opportunity to work for a mission-driven organisation like the New York Fed," Shukla said in a statement.

"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," she added.

Together with the Bank's President and Chief Executive Officer, Shukla will establish, communicate, and execute the strategic direction of the organisation.

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," he added.

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.

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