Club Med Boss Says He’s Been Ousted by Owner Fosun UPDATED

Key Points

• Henri Giscard d’Estaing announced his ouster as Club Med president by majority owner Fosun, though Fosun disputes his account.
• There are ongoing tensions between Giscard d’Estaing and Fosun regarding Club Med's possible relisting on the Paris Stock Exchange.
• Club Med, led by Giscard d’Estaing since 2002, operates roughly 60 all-inclusive resorts worldwide and generated $2 billion in sales last year.

Summary

Henri Giscard d’Estaing, president of Club Med, announced his removal by the company’s main shareholder, Fosun, in a letter to staff, though Fosun contests his version of events. The ouster comes amid disagreements over relisting Club Med on the Paris Stock Exchange and questions about the company's future governance. Under Giscard d’Estaing’s leadership since 2002, Club Med has shifted upmarket and now operates about 60 resorts worldwide, with $2 billion in annual sales.