IBM CEO Arvind Krishna elected to New York Fed board; details here  

IBM Chairman and Chief Executive Officer (CEO) Arvind Krishna has been elected to the Board of the Directors of the Federal Reserve Bank of New York. 

Federal Reserve Bank of New York said that he has been elected as a Class B director and will represent public “with due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labour and consumers”.  

He will fill in the vacancy in the office for the remaining portion of a three-year term ending December 31, 2023, as per the New York Fed statement.  

Each reserve bank in the US has nine directors who are divided by classifications – 3 Class A directors represent member banks in the district, 3 Class B directors and 3 Class C directors represent interests of the public.  

Directors of the reserve banks act as a link between the Fed Reserve and the private sector and ensure that the Fed’s decisions on monetary policy are informed by actual economic conditions.  

It further read, “In his current and former roles, Mr Krishna has led the building and expansion of new markets for IBM in 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 60-year-old business leader is the Chairman and Chief Executive Officer of IBM (International Business Machines Corporation). Krishna has led the building and expansion of new markets for IBM in artificial intelligence, cloud, quantum computing and blockchain as a technologist.  

In 2016, Wired Magazine described Krishna as “one of 25 geniuses who are creating the future of business” for his work on blockchain.  

Prior to his stint as the IBM CEO, Krishna was the senior vice president of Cloud and Cognitive Software. He also headed IBM Research and was the general manager of IBM Systems and Technology Group’s development and manufacturing organisation. He was also the general manager of IBM Systems and Technology Group’s development and manufacturing organisation.  

Arvind Krishna has an undergraduate degree from the Indian Institute of Technology Kanpur (IITK) and a PhD from the University of Illinois at Urbana-Champaign. He is also the recipient of the distinguished alumni award from both the institutions.  

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