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Tourism and power
Henri Giscard d’Estaing ousted from the presidency of Club Med
After twenty-two years at the head of the group, the leader was “invoked in fact” by the Chinese shareholder Fosun. Consequently, Tensions on the French future and identity of the company had become insurmountable.
Posted today at 1:26 p.m.
Henri Giscard d’Estaing, here in 2017, has been president of Club Med since 2002.
AFP/ERIC PIERMONT
After several months of tensions with the main shareholder. Moreover, the Chinese Fosun, Henri Giscard d’Estaing, 68, president they club with Since December 2002, announced on Wednesday that it was “revoked in fact”, ending twenty-two henri giscard d’estaing ousted presidency years of presidency.
“I am forced to put an end to my functions as president of Club Med. However, ” he said during a videoconference with the press, explaining that it followed the designation by Fosun of a new president, “without [son] agreement “and of which he did not give the name. Meanwhile, “I informed Fosun that I made note of the decision to appoint someone in my place. However, without transition and without my agreement,” he said.
Fosun Tourism “Taken note of the declarations of Henri Giscard d’Estaing evoking a withdrawal of his functions. Similarly, ” according to a statement sent to AFP.
“Last year. However, Club Med launched a succession process in full collaboration between the board of directors and Henri Giscard d’Estaing himself; The process is still underway, ”adds henri giscard d’estaing ousted presidency the Chinese group. “The decision relating to the finalization of this process will be communicated in due course,” he said.
Tensions with Fosun
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. against a 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 was not to last,” he argued on Wednesday. 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 consider “at this stage” of Introduction on the stock market. Henri Giscard d’Estaing assured the next day that he had “no divergence of views” with the Chinese shareholder.
“I had ardently supported the Fosun project for almost two years to have minority shareholders for Club Med. This project 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 hammered.
French Roots of henri giscard d’estaing ousted presidency Club Med
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 Club Med in its global dimension and its French roots, ”denounced Henri Giscard d’Estaing.
“The French identity of Club Med is at the heart of the values of the group”. according to Fosun Tourism Group, which reaffirms Wednesday “its firm commitment in favor of the long -term development of Club Med and deeply respects the French legacy and roots of the group”. “The Club Med decisions will remain in France,” says Fosun.
Under the leadership of Henri Giscard d’Estaing. Club Med began a rise twenty years ago, henri giscard d’estaing ousted presidency which enabled it in 2024 to display record 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 club media,” said Henri Giscard d’Estaing on Wednesday.
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