Bruce Barnard | Jan 28, 2011 9:00AM EST
Jacques Saade returned to the position of chief executive of CMA CGM as Turkish investors injected $500 million into the French ocean container carrier.
Saade, who founded CMA CGM in 1978, stepped down as head of the world's third largest carrier in 2009 as part of a deal with banks which were restructuring its $5 billion of debt.
Saade's return to the helm was approved Thursday at a board meeting. Three representatives of Yildirim, the privately-held Turkish group that has invested in CMA CGM, also joined the board.
CMA CGM announced Jan. 28 that it issued $500 million in redeemable bonds, all of which were subscribed by Yildirim.
"This investment enables the group to substantially strengthen its balance sheet and secure its investment plan, while providing additional funds to support expansion," the Marseille-based carrier said.
CMA CGM said Saade will be backed by three executive officers, Philippe Soulie, who was chief executive for the past year, Rodolphe Saade and Farid Salem.
"With strengthened financial resources and an experienced executive team, CMA CGM Group has begun 2011 on a solid foundation, with the objective of consolidating its worldwide positions," the company said.
-- Contact Bruce Barnard at brucebarnard47@hotmail.com.