Rodolphe Saade anointed
CMA CGM has appointed chairman and CEO Jacques Saade’s son Rodolphe as heir apparent to the giant French container line.
The 44-year director has been appointed vice-chairman executive officer, “thereby making him second-in-command of the group”, it said.
This is in line with the senior Saade’s desire for Rodolphe to succeed him “when the time comes.”
The company said the changes were made to “reaffirm the family dimension of the group.”
Farid Salem will stay as executive officer, while Jacques Saade’s daughter Tanya Saade Zeenny also becomes an executive officer in charge of communication, accounts, marketing, administration and institutional relations.
CMA CGM also announced a $1m improvement in net profit to $97m in the first quarter, as cost controls offset lower freight rates.
Revenue grew from $3.83bn to $3.94bn, as volumes increased from 2.6m teu from 2.8m teu.
It limited the decrease in average revenue per teu to 2.9%.
Looking ahead, the company said that after a dip at the beginning of the second quarter 2014, freight rates were now back at "supportive levels", but should nevertheless remain volatile.
