Citi's board also credited Fraser for progress the bank has made in its "transformation" and "strategic refresh." The latter encompasses both a tweak to its unit structure and Citi's ongoing exit from more than a dozen international retail markets. The board noted, in Tuesday's filing, that Citi closed the sales of its footprints in Australia, the Philippines, Thailand, Malaysia and Bahrain in 2022, continued to wind down its South Korea presence and began to wind down its China operations. A front-runner has emerged, too, in the bidding for Citi's Mexico retail unit, leaving Poland as the only market from which the bank hasn't publicized an exit strategy.