Michael Parker, Citi’s famous ship finance veteran, has moved to a new role with Shreyas Chipalkatty taking his place.
Parker is to become chairman of the bank’s shipping and logistics business in a planned transition with Chipalkatty becoming global industry head of Citi’s shipping and logistics business.
“As chairman Michael will remain actively involved in senior client relationships and overall strategy as well as Citi’s sustainability and ESG agenda with the industry given his role as chairman of the drafting committee of the Poseidon Principles,” Citi said in a statement.
Parker has been one of the most high profile people in ship finance this decade and was instrumental in creating the Poseidon Principles. Launched in June by 11 banks including Citi, the principles aim to integrate climate considerations into ship lending decisions.