US bank Citi has strengthened its management structure with a new role for global shipping head and industry doyen Michael Parker.
Parker, who spearheaded the creation of the Poseidon Principles code for banks to progressively cut the carbon footprint of their loan portfolios, will step up to become chairman of global shipping and logistics.
He will be succeeded by Shreyas Chipalkatty, who is currently Europe, Middle East and Africa (EMEA) head.
Chipalkatty will in turn be succeeded by Vassilis Maroulis, Citi’s Greek shipping head, who will remain in his Greek post as well.
"As chairman Michael will remain actively involved in senior client relationships and overall strategy as well as Citi’s sustainability and environmental agenda with the industry given his role as chairman of the drafting committee of the Poseidon Principles," the bank said.
"This is a planned transition as a consequence of Michael stepping up to a full-time role as chairman EMEA corporate banking for Citi."
Citi, DNB, Societe Generale and eight other institutions have signed up the principles, which aim to cut the carbon intensity of their loan portfolios over time in line with the IMO’s proposed 50% reduction in emissions by 2050.
The banks are also free to go above and beyond the collective framework if they see fit.
On the investment banking side, Citi also said its co-global transportation head Michael Borch is joined as a co-head by Neeraj Vasudev in New York and Christa Volpicelli, also based in New York, is named head of shipping investment banking.
James Tong continues as regional shipping head in Asia.
"Citi remains fully committed to this longstanding franchise and these changes are part of a smooth succession plan that has been under discussion for some time," it said.