Millennium & Copthorne chief executive quits after six months

07 August 2007 by
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.

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 >>

M&C sues US insurance broker over 9/11 losses >>

By Daniel Thomas

E-mail your comments to Daniel Thomas]( chief executive quits after six months) here.

[The Caterer Blog]( Catch up with more news and gossip on the Caterer Blog here
[Newswire For the latest hospitality news, sign up for our e-mail news alerts.
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking