Photo: CMA CGM
PARIS, Feb 8 (Reuters) – Container shipping group CMA CGM has promoted Rodolphe Saade to be chief executive officer, succeeding his father and company founder Jacques Saade.
Jacques Saade, who has just turned 80 and who established the firm in 1978 after leaving Lebanon, his country of birth, retains his role of board chairman, CMA CGM said in a statement on Wednesday.
The appointment of Rodolphe Saade, previously vice chairman, as CEO crowns his rise in the group after he led negotiations in 2015 to buy Singapore’s Neptune Orient Lines (NOL), a $2.4 billion deal that marked CMA CGM’s biggest-ever acquisition.
The NOL takeover has formed part of CMA CGM’s efforts to withstand a prolonged downturn in container shipping, which has also triggered other consolidation deals in the industry.
(Reporting by Gus Trompiz; Editing by Richard Balmforth)
(c) Copyright Thomson Reuters 2017.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 110,527 members that receive our newsletter.
Have a news tip? Let us know.
By Julian Lee (Bloomberg) Moscow’s use of the tankers sanctioned for their involvement in the Russian oil trade is accelerating, with close to one-third of the blacklisted vessels back at work....
By Gautam Naik (Bloomberg) After fearing the worst from Hurricane Milton, investors in catastrophe bonds appear to have sustained losses well below those predicted as recently as Wednesday. Estimates that had...
Oct 8 (Reuters) – Former Amazon.com Consumer CEO Dave Clark said on Tuesday his new software supply chain management startup Auger has raised over $100 million in private equity funding from Oak HC/FT and...
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign Up
Maritime and offshore news trusted by our 110,527 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
