The billionaire shipowning Saade shipping clan is shaking up its family office for the second time this year.
Michel Sirat, who was appointed managing director of the family office Merit France as recently as June, is no longer in the position.
He will be replaced by Nicolas Reynard, the current head of corporate venture capital at CMA CGM, according to Bloomberg.
Sirat, 62, was chief financial officer for the Saades’ giant container line until December last year, but was replaced by Ramon Fernandez, a former French government official and executive of mobile phone company Orange.
Sirat remained in charge of the company’s mergers and acquisitions and strategy, but that role will now be overseen by Xavier Bindel, says Bloomberg.
The Saade family’s fortune has shrunk in recent months to around $18.6bn, according to the Bloomberg Billionaires Index.
That is down from a high of about $33bn in April and $21.6bn in June, when container shipping markets were stronger.
Rodolphe Saade, the son of founder Jacques Saade, is CEO of the French shipping company.
The group has been diversifying into air freight and the wider logistics sector, as well as media.
The company’s more recent expansion included the acquisition of Bollore SE’s logistic arm for around €5bn ($5.4bn).
The chief executive, 53, his sister Tanya, 55, and brother Jacques, 52, own 73% of CMA CGM, which is held through Merit France.
The siblings’ father immigrated with his family from Lebanon to Marseille and started the shipping company in 1978 with one leased vessel.
