Hotel giant Accor launched a hunt for a new chairman today, as it revealed operating profit up by 22.8% in the first half of the year.
Operating profit increased to €230m (£156m) in the six months to 30 June 2005, compared with €188m (£127m) a year ago.
Despite this, chairman Jean-Marc Espalioux said he would not be seeking an extension to his term, which ends on 15 January 2006.
He will, however, stay on to help recruit a replacement.
Accor, which opened its 4,000th hotel in June this year, also reported that turnover during the period had increased by 6.8% to Û3.64b (£2.5b).
The company said its upscale and midscale hotels - Sofitel and Novotel - had done particularly well, with European hotels performing especially strongly.
Economy hotels in Europe, which include the Ibis brand, also turned in good results.
Accor said group revenue per available room had continued to increase in July and August, gaining 1%.
The company said full-year operating profit was likely to be €590m to €610m, which would represent an annual jump of 15-20%.