Transpacific carriers hit by softening market just as contracts are up for renewal
A dip in container spot rates is set to weaken the position of ocean carriers ...
CMA CGM has appointed Rodolphe Saadé as chief executive, replacing his father, Jacques, who will stay on as chairman.
Rodolphe Saadé joined the company founded by his father in 1994, having previously set up a company selling water coolers in Middle East. Initial placements included New York and Hong Kong, before returning to the head office in Marseille in 1997 to head up a line linking northern China with Japan.
In 2009 he took responsibility for financial restructuring during the uncertainty that proceeded the financial crisis, and last June he spearheaded the purchase of Singapore-based Neptune Orient Lines, in a reported $3.3bn deal.
Mr Saadé senior said his son had proven himself over the years.
“I know that, with Rodolphe as chief executive, with Farid Salem and Tanya Saadé Zeenny, our executive officers, and all our teams around the world, the group will continue its development with the same commitment and passion,” he added.