Fosun is the Chinese investor of Club Med and has taken over the position of Chairman since 2015.
This decision is the result of growing tensions that have developed between Giscard d’Estaing’s Chinese shareholder and Giscard d’Estaing. The tensions culminated in the appointment without consultation of the ex-chairman.
This is my formal resignation. My corporate mandate having de facto ended, I must cease to perform my duties as Club Med Chairman. Henri Giscard d’Estaing
He explained that he made this decision after the appointment a new Chairman, whose name is not yet revealed, was made without his approval and without a period of transition.
I told the management at Fosun I was ready and eager to ensure that this transition would be successful, by personally accompanying the next leader in my role as chairman for six months. Henri Giscard d’Estaing
The change of management follows disagreements about the Group’s governance, strategy and in particular the plan to list Club Med on stock exchange. Henri Giscard d’Estaing expressed his desire for the group to return to the Paris Stock Exchange in 2026. Fosun refused to accept this proposal despite Henri Giscard d’Estaing’s efforts.
The need for this listing has never been greater. Club Med must have an international governance system that respects both its French roots and its French values. This is no longer true. Henri Giscard d’Estaing
Fosun released a press release in response to the ousting. The group said it had started a succession planning process last year, in collaboration with Henri Giscard d’Estaing.
The process is ongoing. A decision regarding its finalisation will be communicated at the appropriate time. Fosun
Fosun’s decision to appoint an entirely new chairman, without consulting the person who was most directly involved, was viewed as a sudden change.
Henri Giscard d’Estaing’s resignation also follows several years of success under his leadership. Club Med expanded its resorts internationally under his leadership. The group also posted good results including a quadrupling of operating margins in 10 years despite the delicate handling of the Chinese market.
The majority of directors live in Shanghai, are not internationally experienced and do not speak English. They are unaware of Club Med’s global reach or French roots. Henri Giscard d’Estaing
This observation is a reflection of the growing distance that exists between the French management and the main shareholder.
In a period when Fosun took steps to consolidate its control of Club Med’s Management, this decision marks an important turning point in the history. The major change was brought about by internal tensions around corporate governance, strategy and corporate governance.
Fosun reiterated its commitment to long-term development for the group. Club Med’s French heritage is at the core of its values
It was insistent.
Henri Giscard d’Estaing concluded: I wish the best of luck and success to my successor.
Club Med’s new chapter has begun with the departure of its founder. The appointment of his replacement, whose identity is unknown at the moment, may well signal a significant shift in the strategy.
About Club Med
Club Med, founded in 1950 by Gérard Blitz, invented the all-inclusive holiday club concept, adding in activities especially for children with the creation of the Mini Club in 1967. Club Med’s pioneering spirit drives it to seek out unique destinations and sites. Club Med has become the leading provider of all-inclusive, upscale holiday packages for families and couples. Club Med operates nearly 70 resorts, of which 95% are rated Premium & Exclusive Collection that offers a selection of the brand’s most exclusive resorts, villas, chalets, and yacht characterised by premium accommodations, exceptional hospitality and personalized services, exclusively beautiful locations, refined dining concepts and lounges, transformational experiences, and unique architecture and design elements. Present in 30 countries around the world, the Group employs more than 23,000 Gentils Organisateurs (GOs) and Gentils Employés (GEs), representing 110 nationalities.
Visit the website to learn more. www.clubmed.usContact a travel agent or call 1-800-Club Med (1-808-258-2633). Follow Club Med on Facebook to get an insider’s look at Club Med. Facebook, Twitter, Instagram. YouTube.
