France’s CMA CGM has announced that Jacques Saadé has passed the baton of the chairman’s role at the company to his son Rodolphe Saadé.
The move reunites the positions of CEO and chairman, both of which Jacques Saadé had held until February when Rodolphe Saadé was appointed CEO.
Rodolphe Saadé, commenting on the change, said: “My father’s decision is an historic one for our Group which became a key global player under his chairmanship. Jacques Saadé is both an extraordinary entrepreneur and visionary. I will pursue with determination the development of our group and strengthen its position as a leader.”
“He has the full support of the Board of Directors, the management team and the 29,000 employees with whom he will pursue the development of the CMA CGM Group, to which I dedicated my entire life,” added Jacques Saadé who takes the title of founder-chairman.
CMA CGM also released its third quarter results which saw revenues of $5.7bn produce a consolidated net income of $323m.