CMA CGM founder and former CEO Jacques Saade has now formally relinquished his chief executive position at the French shipping giant and has accepted election to the chairmanship just as Philippe Soulie was appointed new CEO and Farid Salem, Rodolphe Saade and Jean-Yves Schapiro were named as executive officers of the troubled company.
Board members now include Jacques Saade, Philippe Soulie, Farid Salem, Rodolphe Saade, Tanya Saade Zeenny, as well as independent directors Tristan Vieljeux, Pierre Bellon, Denis Ranque and Christian Garin.
The first meeting of Marseilles-based CMA CGM is negotiating with its 63 creditor banks to restructure its $5.6 billion debt and is talking with Asian shipyards about cancelling and delaying delivery of 30 of the 45 ships it has ordered.
Source : HKSG, 20.01.10.
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