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Press Releases
CMA CGM tight-lipped over talk of Thales man taking helm 22Nov 2009Source:Lloydlist
EMBATTLED French container line operator CMA CGM has declined to comment on a report that its banks were seeking to install the former chairman of defence electronics group Thales, Denis Ranque, at its head.
The financial newswire Wansquare reported that the shipping group's banks were refusing to provide it with fresh financing unless it agreed to Mr Ranque taking over management of the group.
One of France's most senior industrial managers, 57-year-old Mr Ranque, pictured, has been on the job market since May when he left his post as chairman and chief executive of Thales after an 11-year stint.
His appointment as head of CMA CGM in replacement of founder and chairman Jacques Saadé would nevertheless be a major surprise.
He has no experience of commercial shipping even if, as head of Thales, he oversaw the creation of an alliance between it and French naval shipbuilder DCNS, in which Thales has a 25% capital stake alongside the French government.
