Club Med Chairman Henri Giscard d'Estaing Ousted by Fosun Amid Governance and Strategy Disputes

Henri Giscard d'Estaing, Chairman of Club Med since 2002, has been ousted by Fosun, the group's Chinese shareholder since 2015. Tensions between Giscard d'Estaing and Fosun have been growing, particularly over governance and strategy, including the plan to float Club Med on the stock market. Fosun has appointed a new chairman without prior consultation with Giscard d'Estaing, who expressed his desire to see the group return to the Paris stock exchange in 2026. Despite his efforts, Fosun rejected this proposal.

Henri Giscard d'Estaing, the longstanding chairman of Club Med since 2002, has been ousted by Fosun, the group's Chinese shareholder since 2015. This decision comes amidst growing tensions between Giscard d'Estaing and Fosun, particularly over governance and strategic direction, including the plan to float Club Med on the stock market [1].

Giscard d'Estaing had expressed his desire to see the group return to the Paris stock exchange in 2026, a proposal that was rejected by Fosun. Despite his efforts, the Chinese shareholder appointed a new chairman without prior consultation with Giscard d'Estaing, leading to his de facto dismissal [1]. The appointment of the new chairman, whose name has not yet been revealed, follows a succession process that is still ongoing [2].

The decision to appoint a new chairman marks a significant change in Club Med's history and internal tensions. Giscard d'Estaing, who had led the group through several successful years, had expanded Club Med's resort range internationally and improved its operating margin despite managing the Chinese market [1]. However, the vast majority of Club Med's directors are based in Shanghai and have little international experience, reflecting a growing distance between the group's French management and its main shareholder [1].

Fosun has reaffirmed its long-term commitment to the group's development, stating that Club Med's French identity is at the heart of the group's values [1]. The appointment of the new chairman, Stéphane Maquaire, an executive from outside the industry, suggests a shift in the group's strategic direction [3]. This change comes at a critical time for Club Med, as the company seeks to maintain its French roots and international governance.

The departure of Giscard d'Estaing also comes amidst broader industry trends and geopolitical uncertainties, such as the potential acquisition of Gland Pharma by Brookfield and EQT, which could impact the pharmaceutical sector [4]. These developments highlight the complex landscape of international business and the challenges faced by companies seeking to balance strategic objectives with shareholder expectations.

References:
[1] https://www.hospitalitynet.org/news/4128239.html
[2] https://www.bloomberg.com/news/articles/2025-07-16/club-med-chairman-says-he-was-pushed-out-amid-rift-with-owner
[3] https://skift.com/2025/07/16/club-med-boss-says-hes-been-ousted-by-owner-fosun/
[4] https://www.moneycontrol.com/news/business/brookfield-eqt-in-talks-to-acquire-gland-pharma-from-fosun-in-potential-3-billion-deal-report-13301095.html