Casjens to Leave Hapag-Lloyd Board

Günther Casjens, a member of the executive board of Hapag-Lloyd AG, is leaving the company at his own request with effect from March 1, 2004. "I greatly regret the decision, but must accept that Günther Casjens has other plans," stated Michael Behrendt, chairman of the executive board of Hapag-Lloyd AG, adding that he welcomed Mr Casjens' intention to remain linked with the company on an amicable basis. Günther Casjens joined Hapag-Lloyd AG in 1974 and has been a member of the executive board since 1990. He has played a major part in the success of Hapag-Lloyd Container Line, which owes its present positioning to its consistent restructuring strategy aimed at ensuring decentralized decision-making, as well as its modern and homogeneous fleet and comprehensive IT solutions. Mr Casjens is also one of the initiators of the Grand Alliance, the largest consortium in international liner shipping. Mr Casjens is to be succeeded on the executive board by Adolf Adrion, managing director of Hapag-Lloyd Container Line and a highly experienced shipping manager with a first-rate international reputation. Mr Adrion is, for instance, chairman of the Far Eastern Freight Conference (FEFC), one of the leading alliances in liner shipping. "I'm convinced that Adolf Adrion will continue Günther Casjens' successful work," concluded Behrendt.