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Bird Makes His Mark With Citi Asia Management Reshuffle
Tara Loader Wilkinson
13 February 2012
Stephen Bird, the newly-instated sole chief
executive of Citi’s Asia-Pacific business, has announced a top management rejig and
promotion of his closest lieutenants, according to an internal memo seen by WealthBriefingAsia. Rodrigo
Zorrilla has been appointed chief operating officer at the US lender, Anthony
Nappi becomes chief administrative officer and Michael Zink will lead the Asean
business, to help Bird "manage the APAC franchise." Stephen Bird started the sole role on 1 January this year after sharing the title for two years with Shirish Apte, who late last year was appointed as co-chairman of Asia Pacific.
Bird previously headed North Asia, while Apte looked after South Asia, but as co-CEOs there was an overlap of
responsibility. The new hierarchy is aimed at centralising management duties under
the new single CEO structure. “Our
structure needs to support this overarching goal and enable us to operate
effectively and efficiently across our 17 markets and five lines of business.
To enable me to manage the Asia-Pacific franchise across the region, I am
appointing a chief operating officer and a chief administrative officer,” wrote Bird in the memo. The changes
will cut down the amount of time Bird spends on admin, management meetings and internal communications, allowing him to devote more time running Citi’s largest
region. New COO
Zorrilla was the former markets head. He will partner with all of Citi’s
product groups to make sure clients are covered by as many Citi products as the
bank can offer, according to reports. He is tasked with increasing the cross-sell between business
lines. New CAO
Nappi was previously the global transaction services head, which encompasses
Citi’s cash and trade business, and is an increasingly important unit within
the bank. It generated $1.2 billion in profit in Asia during 2011, making it
Citi’s most lucrative business globally. Former
Singapore CEO Zink’s newly created role of Asean cluster head will “create
better spans of control and the right level of support for each chief country
officer,” according to Bird’s memo. All the
Asean country heads will report to Zink, including Singapore, Indonesia,
Malaysia, Philippines, Vietnam, Thailand, Guam, and sub-regions Brunei, Bangladesh and Sri
Lanka. The product
group hierarchy remains untouched, apart from Nadir Mahmud, who previously was the
FX and local markets chief for Asia. He will run global markets, taking over from
Zorrilla. Citi confirmed the contents of the memo.