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WREDE TO LEAVE HAPAG-LLOYD

WREDE TO LEAVE HAPAG-LLOYD

   Bernd Wrede, the executive chairman of the Hapag-Lloyd AG, will leave the German shipping and logistics group at the end of the year.

   The unexpected departure of Wrede, one of the best known industry figures in international container shipping, was announced today (Tuesday) by Preussag, the parent company of Hapag-Lloyd.

   Wrede has been executive board chairman of Hapag-Lloyd since 1993.

   A former senior executive and board member of Kuehne & Nagel, Wrede joined the executive board of Hapag-Lloyd in 1982 and was promoted deputy chairman in 1985.

   In 1998, following the takeover of Hapag-Lloyd by the German industrial and tourism conglomerate Preussag AG, Wrede was made divisional executive member of the conglomerate advising on transport and logistics.

   Preussag said that Wrede was reaching the end of his contract on Dec. 31. Hapag-Lloyd would not comment on whether Wrede resigned from his position and on who would succeed him as the head of the group.

   The remaining two executive board members of Hapag-Lloyd are Gunther Casjens and Michael Behrendt.