French shipping line announced CEO Jacques Saadé, who founded the firm in[ds_preview] 1978, has been replaced as by Philippe Soulié. Already in December 2009 during an extraordinary general meeting shareholders approved to modify the company by-laws concerning corporate governance and replaced the supervisory and executive boards with a board of directors. At the first board of directors meeting in January, Jacques Sadeé was elected as chairman of the board. Philipe Soulié, former head of French construction firm CNIM, was appointed new CEO together with executive officers Farid Salem, Rodophe Sadeé and Jean-Yves Schapiro.
The change of top management has to be seen in the light of CMA CGM managed to get a deal with the banks for a US$ 500 mill. credit securing to continue its current business.
