Club Med appoints new CEO in executive shuffle

PARIS —  Stéphane Maquaire has been appointed president and CEO of Club Med Holding, effective immediately. The move is the latest for the Paris-based company, following Henri Giscard d’Estaing’s announcement that he was ousted from his position as board chairman by the company’s owners, Shanghai-based Fosun Tourism Group.

D’Estaing said last week he was abruptly replaced in a move that went against a previously agreed-upon procedure that Club Med “should be listed on the stock market and its center for decision making must remain in France,” he told staff in the letter, dated July 16.

“Despite everything I’ve done to convince them, Fosun refused and has de facto dismissed me.” Fosun said, in a separate statement, that Club Med began a succession plan last year with the collaboration of d’Estaing and the board, which is “still ongoing.”

D’Estaing stated that the appointment of a board chairman (unnamed at the time) was made without his agreement or a transition period. He had been chairman of the company since 2002.

The press release announcing Maquaire as Club Med’s new CEO said it was “based on the recommendation of Henri Giscard d’Estaing” and that “Club Med’s rigorous succession and evaluation process identified Stéphane Maquaire, a French national, as uniquely qualified among the candidates considered to lead the company into a new phase of profitable growth… Maquaire will lead Club Med Holding from Paris and ensure the preservation of the French identity and values at the heart of the brand.”

The release also addressed d’Estaing’s departure: “The board wishes to thank Henri Giscard d’Estaing for his accomplished leadership over the past two decades, which has been instrumental in delivering Club Med’s successful transformation and in preparing the company for its next chapter.”

Club Med said in the release that “a key criterion for the succession process has been the pursuit of the group’s strategy of international expansion while preserving its French roots.”

Maquaire joins Club Med from Carrefour, where he served as executive director for Carrefour Brazil and Latin America.

On Monday, Maquaire was also named chairman of Club Med Holdings but that has now been changed to Xiaoliang Xu, who is co-CEO of Fosun International and is also now listed as chairman of the company. 

Club Med also announced several other changes to its board with the addition of Philippe Heim and Takuya Yamada. Heim has held leadership roles at Société Générale, including CFO and deputy CEO, and later served as chairman of the board of La Banque Postale. Yamada is chairman of Tokyo-based IDERA Capital, the asset manager of Club Med’s two resorts in Japan and has collaborated closely with Club Med in recent years.

Xu said in the release: “In Stéphane, we have chosen a leader with deep experience in the consumer sector and a remarkable international track record. He is ideally positioned to accelerate Club Med’s momentum and write the next chapter of this extraordinary story.” 

Maquaire said in the release: “Club Med is a global icon, not only for its excellence, but for the joy and belonging it has brought to generations of travelers, thanks to the unparalleled passion and dedication of its teams around the world. Above all, it is a culture, a spirit, a way of living and sharing. I am honored by the opportunity to lead this unique company into its next chapter of success, building on Henri Giscard d’Estaing’s remarkable legacy. I firmly believe that Club Med’s values — its French roots, its spirit of freedom, and its deep sense of kindness, inclusion, and care for people — are more relevant than ever.”