Changes in the Hapag-Lloyd AG executive board

At a regular meeting, the supervisory board of Hapag-Lloyd AG today appointed Michael Behrendt (50) as chairman of the executive board with effect from 1. January 2002. He thus succeeds Bernd Wrede who leaves the company when his contract runs out at the end of the year. The supervisory board chairman of Hapag-Lloyd AG, Dr. Michael Frenzel, said, "I thank Mr. Wrede on behalf of the supervisory board for his services. Mr. Behrendt takes charge of a very healthy logistics group and stands for the continuity of the company's future development."

Michael Behrendt joined VTG in 1987. He has been chairman of the executive board of VTG-Lehnkering AG and a member of the Hapag-Lloyd AG executive board since 1999.

Another move effective of 1. January 2002 is the appointment of Joachim Eilert (43) to the Hapag-Lloyd AG executive board. Joachim Eilert has been head of Group Controlling at Preussag AG since 1997. Before this, he was managing director of a Group subsidiary.