Millennium & Copthorne has shed its CEO, Peter Papadimitropoulus (Mr Papas), after just five months. No reason was officially given other than to state that the decision was by mutual consent.
Chairman Kwek Leng Beng was reported as stating that “we have a different style of management and leadership” but no further details were disclosed.
M&C has now gone through three CEOs in the last three years, perhaps reflecting just how tough it is working for a man, Kwek, who is the effective owner of the company.
What it also implies is that there is unlikely to be any radical change in direction at M&C, with it remaining firmly wedded to the owner-operator model.
The company is essential a hotel property play with a small operating business attached. The success of CDL Hospitality Trusts, the Singapore REIT that owns three of M&C’s hotels in that city state, might encourage further exploration of the REIT model but nothing was revealed at the second quarter results this week.
M&C reported group revpar up 9.3% and pre-tax profit up 44.4% to £35.1m. London, New York and Singapore were the strongest markets. The first four weeks of the third quarter showed revpar up 7.6%.