Arvind Krishna Reelected as a Class B Director to New York Fed Board of Directors

NEW YORK-The Federal Reserve Bank of New York announced that Arvind Krishna, chairman, president, and chief executive officer of IBM, has been reelected as a Class B Director. Class B directors represent the public with and give consideration to issues including the interests of agriculture, commerce, industry, services, labor, and consumers. Krishna was reelected by member banks in Group 3, which are member banks with capital and surplus of less than $40 million. Krishna will serve a three-year term ending December 31, 2029.

Over his 36-year career at IBM, Krishna has led the expansion into new markets in artificial intelligence, hybrid cloud, and quantum computing. He founded IBM's security software business and helped create the world's first commercial wireless system.

Krishna previously was senior vice president of Cloud and Cognitive Software at IBM, where he pioneered the company's hybrid cloud business and transformed its software and services portfolio and offerings for cloud. He also headed IBM Research, where he drove innovation in core and emerging technologies including artificial intelligence, quantum computing, blockchain, cloud platform services, data-driven solutions, and nanotechnology. As general manager of IBM Systems and Technology Group's development and manufacturing organization, Krishna led the strategy for data-centric systems and the widespread industry adoption of open and collaborative technology standards.

Krishna is a member of the board of directors of Northrop Grumman and the U.S.-India Strategic Partnership Forum. 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 is the recipient of distinguished alumni awards from both institutions.

About the Reserve Banks' Boards of Directors
The Federal Reserve Act of 1913 requires each of the Reserve Banks to operate under the supervision of a board of directors. Each Reserve Bank has nine directors who represent the interests of their Reserve District and whose experience provides the Reserve Banks with a wider range of expertise that helps them fulfill their policy and operational responsibilities. The nine directors of each Reserve Bank are divided evenly by classification: Class A Directors represent the member banks in the District; Class B Directors and Class C Directors represent the interests of the public. The directors of the Reserve Banks act as an important link between the Federal Reserve and the private sector, ensuring that the Fed's decisions on monetary policy are informed by actual economic conditions.