Millennium & Copthorne chief executive quits after six months

Millennium & Copthorne (M&C) stunned the City today by revealing that its chief executive has left after less than six months of service.

Unveiling first half results, the hotel chain unexpectedly said that Peter Papadimitropoulos – commonly referred to as Mr Papas - who only joined the board on 1 March, has left "by mutual consent with immediate effect".

Chairman Kwek Leng Beng said the decision was over the approach to management. 

"We have no quarrels, we just said the style of management is different in terms of priorities, in terms of different ways of doing things," he said. "It's for our mutual benefit that we should part company."

Wong Hong Ren, an executive director of M&C, will act as interim group chief executive while the company searches for Mr Papas' replacement.

Mr Papas, who replaced Tony Potter, was previously a non-executive director at Peermont Global a listed company which operates hotels, resorts, convention centres and casinos.  

He has also held corporate finance roles with JP Morgan and ING Barings SA and Aquila Growth Limited, a listed private equity and venture capital fund listed 

The group reported impressive pre-tax profits, up almost 50% to £53.5m for the first half, from £35.8m in the previous year. 

It also revealed an 8.9% rise in revenues to £322.4m for the same period, driven particularly by a strong performance from its hotels in London, New York and Singapore.

Millennium & Copthorne names new chief executive >>

Tony Potter to head Corinthia hotel management arm >>

Millennium & Copthorne boss Tony Potter quits role >> 

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By Daniel Thomas

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