CMA CGM Reshuffles CEVA Logistics Management
French container transportation and shipping giant appointed its Chairman and CEO Rodolph Saade as the new chariman of Swiss third-party logistics provider CEVA Logistics, thus asserting its near-full control over CEVA.
Nicolas Sartini, who currently holds the position of Group Chief Operating Officer and Deputy CEO of CEVA is appointed Chief Executive Officer as from June 1st. He will bring his experience and expertise to CEVA as it embarks on a new journey. He will replace Xavier Urbain who will become Executive Advisor to Rodolphe Saadé.
Marvin O. Schlanger, Victor Balli, Dr. Rosalind Rivaz and John F. Smith did not stand for re-election. Rolf Watter, Daniel Hurstel and Emanuel R. Pearlman were re-elected for a one-year term of office until the AGM 2020. Three new Board members have been elected: Farid Salem, Michel Sirat and Béatrice de Clermont-Tonnerre.
The three independent directors are Rolf Watter, Manny Pearlman and Béatrice de Clermont-Tonnerre. Finally, KPMG has been elected as the independent auditor for the next one year term of office until the AGM 2020.
After the settlement of the public tender offer and taking into account additional shares CMA CGM has subsequently purchased in the market, it now holds more than 98% of the share capital and voting rights of CEVA.
CMA CGM will therefore proceed with the squeeze out procedure and will file the claim for cancellation of the remaining outstanding CEVA shares.
Despite a challenging global environment in the beginning of the year, CEVA has performed in line with its roadmap and targets and achieved a number of productivity improvements, the company said.
The implementation of CEVA's new strategic plan, prepared jointly with CMA CGM, and the close cooperation between the teams of the two companies are going to drive an improvement in CEVA's financial performance and help it turn around quickly.