Club Med’s Bourguignon quits

CLUB Med chairman Philip Bourguignon has quit the company at the same time as the group posted a full-year loss of £40 million.

Managing director Henri Giscard d'Estaing will take over the role, following recommendation by Bourguignon and board approval.

Total revenues for 2002 were £1 billion, a 12% drop on the previous year.

The group said it will focus on developing its brand values, starting with a marketing campaign launched this month boasting the slogan of "Incomparable Club Med”.