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CMA CGM tight-lipped over talk of Thales man taking helm 22Nov 2009 Source:Lloydlist

A native of Marseilles and an engineer by training, he began his career in the energy division of the Ministry of Industry before joining the Thomson group in 1983 as head of planning. He moved steadily up the ranks until, in 1998, he became head of the group's defence electronics subsidiary, Thomson-CSF, renamed Thales in December 2000 after its takeover of the UK's Racal Electronics.

He was ousted following the arrival in force earlier this year of Dassault Aviation, which became the group's biggest private sector shareholder with a 26% stake alongside the French state's 27%. His record as a top-flight manager and his close links with the French government doubtless make him a good candidate for the CMA CGM post from the point of view of the banks and the French Finance Ministry, which is trying to broker an agreement between the shipping group and its banks.

One banking source said that the banks were running out of patience with what they see as the group's failure to address the seriousness of its financial situation, as it insists that its fortunes are improving on the back of rising freight rates in its principal markets.

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