Container ship line CMA CGM appointed Michel Sirat, a longtime executive in the energy industry, to group chief financial officer.
Sirat comes to the French liner company from GDF Suez, a French energy company, where he became successively: group senior vice president finance, tax and treasury and senior executive vice president of Suez Energy NA (Houston, Tex.); CEO of Suez Energy NA (USA); and senior executive director for the trading and portfolio management division of GDF Suez in Brussels, in charge of managing commodity risk and enhancing asset value.
The appointment follows CMA CGM's recovery from deep financial troubles during the global trade downturn, when the sharp drop in demand and large losses from oil trading left the family-owned business with some $5 billion in debt. The company, the world's third largest container ship line, restructured its debt load with the help of a capital injection from a Turkish investment group.
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The carrier reported a $1.63 billion profit last year.
Sirat began his career at the French Treasury Department, followed by a posting at the International Monetary Fund, in Washington, D.C.
Sirat, who assumed his position on June 7, reports directly to Rodolphe Saade, executive officer of CMA CGM.