Citi has appointed Adoniro Cestari Neto as its new head of trade and working capital solutions, succeeding Chris Cox, who now serves as the bank’s head of investor services.

Cestari Neto will report directly to Shahmir Khaliq, Citi’s global head of services, and join the bank’s services management team. The appointment is effective immediately.

He brings over two decades of experience in Citi’s trade and treasury business. Most recently, he served as North America trade head and global head of supply chain finance and structuring. He has also held roles as global head of trade finance and head of treasury and trade solutions for Brazil.

“In his new role, Adoniro will be responsible for leading our trade and working capital solutions strategy, driving our growth agenda forward, improving our ROTCE and overall capital utilisation, modernising our offerings, and enhancing our risk and controls, while continuing to build our trade talent bench,” Khaliq says in an internal memo.

Cestari Neto is based in New York. A replacement for his former role is expected to be announced in the coming weeks.

In the memo, Khaliq also thanks Cox for his “exceptional leadership” during his time leading the trade and working capital business.