Debby Hopkins, chief innovation officer at Citigroup and chief executive of Citi Ventures, the bank's venture capital investment arm, is set to retire at the end of the year.

Hopkins will be replaced in both roles by Vanessa Colella, who has been Citi Ventures' global head of venture investing and strategic growth initiatives since 2013, according to an internal memo from Citi Chief Financial Officer John Gerspach that was shared with American Banker on Tuesday morning.

Vanessa Colella

Starting Jan. 1, Colella will lead Citi Ventures as it pursues venture investments in early-stage startups and working with other Citi businesses to test new innovations and ideas through its Global Lab Network and external partners. She previously ran marketing for the North America Consumer Bank.

Hopkins has led Citi Ventures in Silicon Valley since 2010. She joined the bank in 2003 as head of corporate strategy and mergers and acquisitions before becoming chief operations and technology officer. Hopkins was named to American Banker's 25 Women to Watch list in 2012 and 2014.