Schapiro to leave CMA CGM
Longtime CMA CGM executive Jean-Yves Schapiro is leaving the French line, Tradewinds reported earlier this week.
Shapiro, chief financial officer for the line, will leave at the end of August to 'pursue a new challenge outside the shipping business,' the report said, quoting a company spokesperson.
Other outlets characterized Schapiro's departure as a resignation.
CMA CGM is embroiled with talks with a number of potential investors as it seeks outside equity for the first time in the company's history. Though its financial performance has improved substantially this year, the line suffered through a torrid 2009 and has outstanding debts of more than $5 billion as it seeks to finance one of the largest order books in the industry.
Tradewinds reported it is nearing a deal for the French sovereign wealth fund FSI and another unnamed partner to become investors, while other news outlets said founder and chairman Jacques Saade recently broke off talks with a Qatari fund for similar investment.
It is unknown whether these developments have any link to Schapiro's departure. CMA CGM has until the end of July to meet a deadline for outside investment.
The line said it would announce when a replacement has been found.