Change of CEO and Chairman of the Board of Fosun Tourism.
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Column | Cultural Tourism Business Review
Field | Cultural tourism real estate
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On November 7, Fosun Tourism Culture Group announced that Qian Jiannong had resigned as chairman and chief executive officer of the company, and is currently serving as honorary chairman for life and transferred to non-executive director, and Xu Xiaoliang took over as chairman.
According to the announcement, since November 7, 2022, Qian Jiannong has been appointed as the honorary chairman of the board of directors for life and re-designated as a non-executive director, and Qian Jiannong has resigned as chairman of the board, chief executive officer of the group and chairman of Club Med Holding, a non-wholly-owned subsidiary of the company.
Fosun Tourism said that Qian Jiannong will continue to provide the company with strategic and business consulting and external relations empowerment.
Xu Xiaoliang has been appointed as the chairman of the board and the chairman of Club Med Holding, and has been re-designated as an executive director; Henri Giscard d' Estaing has been appointed as Co-CEO of the Group; Byung-Hsui has been appointed as Co-President of the Group. In addition, the chairman of the nomination committee and strategy committee of the board of directors has been changed to Xu Xiaoliang.
According to the information, Qian Jiannong, aged 60, served as the chief executive officer from October 2009 to November 2022, the chairman of the board of directors from September 30, 2016 to November 7, 2022 and an executive director from August 17, 2018 to November 7, 2022.
Qian Jiannong is currently the Global Partner of Fosun International and the Co-Director of the Operation Committee of Dahappy Industry, and he will be promoted to Executive President by Senior Vice President of Fosun International.
According to the announcement, the successor, Xu Xiaoliang, aged 49, served as a non-executive director from August 2021 to November 7, 2022. He is an executive director and co-chief executive officer of Fosun International, a non-executive director of Shanghai Fosun Pharmaceutical (Group) Co., Ltd., a non-independent director of Hainan Mining Co., Ltd., a director of Shanghai Yuyuan Tourism Mall (Group) Co., Ltd., a director of Shanghai Fuyu Culture Communication Co., Ltd., a director and general manager of Shanghai Fosun High-tech (Group) Co., Ltd. and a director of Hainan Atlantis Business Travel Development Co., Ltd.
Henri Giscard d'Estaing, 66, Co-CEO of Fosun Tourism, has served as an executive director and vice chairman since August 2018, president and director of Club Med Holding and president of Club Med Invest and Club Med Med since March 2015 and December 2002 respectively.
Giscard d' Estaing joined Club Med in July 1997 and has held various positions at Club Med. In addition, Mr. Giscard d' Estaing is also a global partner of Fosun International.
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It is worth mentioning that in the three years of the epidemic, Qian Jiannong's own salary has been discounted year after year, from about 54 million Hong Kong dollars in 2020 to 27 million Hong Kong dollars in 2021, and this year it has dropped to 16.12 million Hong Kong dollars, while the salary income of his successor Xu Xiaoliang in 2021 is only 259,000 yuan.
In the last quarter of Qian Jiannong's tenure, Fosun Tourism & Culture Group benefited from Club Med's net profit turnaround, and the profit attributable to shareholders of the parent company improved significantly compared with the same period in 2021.
Data shows that in the first three quarters of this year, the turnover (at constant exchange rate) of Fosun Tourism Resorts, Tourism Destination Operations and Tourism and Leisure Services and Solutions (hereinafter collectively referred to as Tourism Operations) was RMB11.25 billion (RMB, the same below), a year-on-year increase of 110.4%.
Among them, Club Med's turnover in the reporting period reached 9.14 billion yuan, a year-on-year increase of 145.7%, recovering to 96.0% of the same period in 2019. Club Med's net profit turned around significantly compared with the same period in 2021, and even better than the same period in 2019.
In the first three quarters of this year, the capacity of Fosun Tourism Club Med increased by about 78.5% compared with the same period in 2021 and has recovered to about 91.0% of the same period in 2019; the global average occupancy rate reached about 61.0%, an increase of about 7.0 percentage points over the same period in 2021; and the average daily bed price was about 1438.4 yuan, an increase of about 19.2% over the same period in 2021.
As of October 8 this year, Club Med recorded a cumulative increase of approximately 38.7% in the second half of this year compared to the same period last year and an increase of about 16.0% compared to the same period in 2019.
It is worth noting that the performance of Atlantis Sanya has attracted much attention. In the first three quarters of this year, Atlantis Sanya had a turnover of about 750 million yuan, about 2.4 million visitors, and an average occupancy rate of about 44.5%.
Among them, from January to February and July when the epidemic eased, Atlantis Sanya recorded a turnover of 360 million yuan and 220 million yuan respectively.
After Qian Jiannong leaves, how will Fosun Tourism adjust the formation? The travel community will continue to pay attention.
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