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.