Henri Giscard d’Estaing, Chairman of Club Med since 2002, has been ousted from his position at the head of the group by Fosun, its Chinese shareholder since 2015.
This decision follows growing tensions between Giscard d’Estaing and its Chinese shareholder, culminating in the appointment of a new chairman without prior consultation with the group’s ex-chairman.
I take note of this appointment, and consequently I also take note of my de facto dismissal. As my corporate mandate has de facto come to an end, I am obliged to cease performing my duties as Chairman of Club Med. Henri Giscard d’Estaing
He explained that this decision followed the appointment of a new chairman, whose name has not yet been revealed, without his agreement and without a transition period.
I had made it clear to the management of Fosun that I was willing and anxious, if the conditions were right, to personally ensure the success of this transition by accompanying the future leader for six months in my role as Chairman. Henri Giscard d’Estaing
This change in management comes after disagreements over the Group’s governance and strategy, in particular over the plan to float Club Med on the stock market. Henri Giscard d’Estaing had already expressed his desire to see the group return to the Paris stock exchange in 2026. Despite his efforts, Fosun rejected this proposal.
Today, this listing is more necessary than ever. Club Med needs international governance that respects its values and its French roots. And that’s no longer the case today. Henri Giscard d’Estaing
In response to the ousting, Fosun said in a statement that last year the group had launched a succession process in collaboration with Henri Giscard d’Estaing himself.
The process is still ongoing and the decision on the finalisation of this process will be communicated in due course. Fosun
However, Fosun’s decision to appoint a new chairman without the involvement of the main person concerned was seen as an abrupt break.
Henri Giscard d’Estaing’s departure also comes after several successful years under his leadership. Under his tenure, Club Med saw its range of resorts expand internationally, and the group posted solid results, including an operating margin that quadrupled in ten years, despite the delicate management of the Chinese market.
The vast majority of directors are based in Shanghai, have little international experience and don’t speak English. They have little or no knowledge of Club Med’s global reach and French roots. Henri Giscard d’Estaing
This observation reflects the growing distance between the group’s French management and its main shareholder.
At a time when Fosun has taken steps to strengthen its control over Club Med’s management, this decision marks a turning point in the group’s history. Internal tensions, particularly around corporate governance and strategy, have led to a major change.
However, Fosun reaffirmed its long-term commitment to the group’s development: Club Med’s French identity is at the heart of the group’s values
, it insisted.
Henri Giscard d’Estaing concluded: I wish my successor every success and good luck.
With his departure, a new page has been turned for Club Med, and the appointment of his successor, whose identity remains unknown for the moment, could well mark a significant change in the group’s 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. Led by its pioneering spirit, Club Med seeks out exceptional destinations and sites. Today, Club Med is the world’s leading provider of upscale, all-inclusive holiday packages with a French touch for families and active 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.
For more information, visit www.clubmed.us, call 1-800-Club-Med (1-800-258-2633), or contact a preferred travel professional. For an inside look at Club Med, follow Club Med on Facebook, Twitter, Instagram, and YouTube.
