Euro Disney chief moves to Club Med

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The Independent Online
Philippe Bourguignon, chairman of Euro Disney who is credited with reviving the fortunes of the troubled Disneyland Paris theme park just outside Paris, yesterday unexpectedly left the company to join Club Mediterranee, another troubled leisure group, writes Clifford German.

His departure comes just two weeks after Euro Disney's finance director Xavier de Mezerac also left unexpectedly. "It is great news for Club Med and a disaster for Euro Disney," according to Nigel Reed, analyst at Paribas Capital Markets.

The appointment should help to boost Club Mediterranee which yesterday announced a surprise loss of Ffr 743m (pounds 81m) for the year to last October, including a restructuring charge of Ffr 820m francs.

Analysts had been expecting a modest profit of Ffr 50m francs. Club Med shares have fallen by one third over the last year and were suspended on the Paris Bourse yesterday ahead of the announcement.

Mr Bourguignon was only recently appointed an executive vice-president of Walt Disney Co Europe.