Henri Giscard d’Estaing ousted from Club Med

After several months of tensions with the main shareholder, the Chinese Fosun, Henri Giscard d’Estaing, 68, president of Club Med since December 2002, announced on Wednesday that it was ‘dismissed’, ending 22 years of presidency.

‘I am forced to put an end to my functions as president of Club Med’. In addition, he said during a videoconference with the press, explaining that it followed the designation by Fosun of a new president, ‘without (his) agreement’ and of which he did not give the name.

‘I informed Fosun that I took note of the decision to appoint someone in my place. Similarly, without transition and without my agreement,’ he said.

Henri Giscard d’Estaing had succeeded in maintaining his position at the head of Club Med in 2024 after a redevelopment of the management of the tourism group. In addition, against a henri giscard d’estaing ousted club backdrop of tensions with Fosun, who had led from Michel Wolfovski, Deputy Managing Director and Right Arm of Henri Giscard d’Estaing.

‘I repeated that I was not intended for eternity, that my ambition is not to last’, he argued on Wednesday. However, ‘I had clearly indicated to the leaders of Fosun that I was volunteer. eager, if the conditions were met, to personally ensure the success of this transition by accompanying the future leader for six months in my role as president’.

Tensions had however persisted. especially in early June, when he pleaded for an upcoming return from the group to the Paris Stock Exchange. Fosun had then reacted, declaring not to envisage ‘at this stage of Introduction on the stock market. Henri Giscard d’Estaing assured the next day that he had “no divergence of sight ‘with the Chinese shareholder.

‘Locating required’

‘I had ardently supported the Fosun project for henri giscard d’estaing ousted club almost two years to have minority shareholders for Club Med. This project that has not succeeded (…), the key to success is therefore now the + recutation + of Club Med in Paris in 2026 ‘, he insisted on Wednesday.

‘Today, this rating is more necessary than ever. It takes international governance for Club Med, respectful of its French values and anchoring. And this is no longer the case today, “he said.

The Club Med group was released in March 2015, after its acquisition by Fosun after a long public purchasing offer (OPA).

‘The vast majority of administrators are based in Shanghai, has little international experience and does not speak English. They do not know the Club Med in little in its world dimension. its French roots, ‘denounced Henri Giscard d’Estaing.

Under its leadership. Club Med began a rise twenty years ago, which enabled it in 2024 to display record henri giscard d’estaing ousted club results exceeding 2 billion sales and multiplying its operating margin by four in ten years to approach 10%.

‘This successful transformation is the result of the strategy that I decided. which was implemented with resilience and courage by the teams of Club Med’, said Henri Giscard d’Estaing on Wednesday.

/ATS