CMA CGM replaces the Supervisory and Executive Boards with a Board of Directors.
At an Extraordinary General Meeting held on 23 December 2009, CMA CGM shareholders approved the modification of the Company by-laws concerning corporate governance, replacing the Supervisory and Executive Boards with a Board of Directors. As announced, the full Board of Directors met for the first time today. Jacques Saadé was elected Chairman of the Board, Philippe Soulié was appointed Chief Executive Officer and Farid Salem, Rodolphe Saadé and Jean-Yves Schapiro were appointed Executive Officers.
Board members include Jacques Saadé, Philippe Soulié, Farid Salem, Rodolphe Saadé, Tanya Saadé Zeenny, as well as Tristan Vieljeux, Pierre Bellon, Denis Ranque, Christian Garin, independent directors.
During its meeting, the Board also reviewed the latest business trends. Following a return to operating profit in fourth-quarter 2009, the Group expects to see further improvement in revenue, supported by high loading factors and steady rising freight rates.