Arvind Krishna, Chairman and Chief Executive Officer of IBM (International Business Machines Corporation), has been elected to the Federal Reserve Bank of New York’s Board of Directors. Krishna will fill the vacancy in the office for the remainder of a three-year term ending December 31, 2023, according to the New York Fed.
The Federal Reserve System, or Fed, is an autonomous federal body established by Congress in 1913 to function as the United States’ central bank. The Second Federal Reserve District, which comprises New York state, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico, and the United States Virgin Islands, is overseen by the New York Fed. According to information on the Fed’s website, the New York Fed is the largest Reserve Bank in terms of assets and volume of operation.
Krishna was previously senior vice president of Cloud and Cognitive Software at the University of Illinois at Urbana-Champaign. He has an undergraduate degree from the Indian Institute of Technology, Kanpur, and a Ph.D. from the University of Illinois at Urbana-Champaign. He was the general manager of IBM Systems and Technology Group’s development and manufacturing organization, as well as the head of IBM Research.
The Reserve Bank directors serve as a vital link between the Federal Reserve and the private sector, ensuring that the Fed’s monetary policy decisions are guided by current economic conditions.
According to IBM’s 2022 Notice of Annual General and Proxy Statement, chairman and CEO Arvind Krishna was paid $17.5 million in 2021, up from $17 million the year before.
“In his current and former roles, Krishna has led the building and expansion of new markets for IBM in the cloud, artificial intelligence, blockchain, and quantum computing. He has also played a significant role in the development of innovative IBM products and solutions based on these emerging technologies,” the statement from the New York Fed added.
