CMA CGM has confirmed founder Jacques Saad?? has been replaced as CEO by Philippe Soulie.

The decision follows an extraordinary general meeting, held on 23 December, where shareholders approved the modification of company by-laws concerning corporate governance and replaced the supervisory and executive boards with a board of directors.

At the first meeting of the board of directors on Monday (18 January), Jacques Saad??, who founded the firm in 1978, was elected chairman of the board.

Philippe Soulie, former head of French construction firm CNIM, was appointed CEO and Farid Salem, Rodolphe Saad?? and Jean-Yves Schapiro were appointed executive officers.

Souli?? was appointed as a result of a deal CMA CGM struck with banks that gave it access to a US$500m credit line to help it navigate the recession.

Reports suggest the carrier has debts of around US$5.6bn.

At the meeting, the board also reviewed the latest business trends.

"Following a return to operating profit in fourth-quarter 2009, the group expects to see further improvement in revenue, supported by high loading factors and steady rising freight rates," CMA CGM said.