NEW YORKâThe Federal Reserve Bank of New York announced that Arvind Krishna, chairman 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 elected 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, 2026.
As chairman and chief executive officer, Krishna has led the building and expansion of new markets for IBM in artificial intelligence, cloud, quantum computing, and blockchain. In addition, he founded IBM’s security software businesses and helped create the world’s first commercial wireless system.
Krishna previously was senior vice president of Cloud and Cognitive Software at IBM. He also headed IBM Research and was the general manager of IBM Systems and Technology Group’s development and manufacturing organization.
Krishna 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.
