CMA CGM Expands Rodolphe Saade’s Ruling Power
French liner CMA CGM has given Chief Executive Officer Rodolphe Saade the additional role of chairman after recording a Q3 profit for 2017.
Saade was appointed CEO of CMA CGM in February, 2017, and will take over from his father, current Chairman and Founder Jacques Saade, according to reports.
The move comes shortly after Maersk opted to reshuffle its executive structure in the wake of pending mergers and acquisitions in a shipping sector that has witnessed a recent recovery.
Aided by a rebound in the US and Europe, as well as higher rates following the 2016 collapse of South Korea’s Hanjin Shipping Co, industry earnings are expected to show a solid improvement by the end of 2017.
According to Bloomberg, CMA CGM posted a net income of US$323 million for the quarter through September 30, 2017, compared with a $268 million loss a year earlier.
CMA CGM recently made news after deciding to equip nine of its ultra-large 22,000 TEU vessels, due to arrive in 2020, with engines that use liquefied natural gas (LNG).
CMA CGM will be the first shipping company in the world to equip giant containerships from the outset with this type of motorization to protect the environment and encourage ocean conservation.