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M&C Hotels CEO to step down after just five months

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(Reuters) – Millennium & Copthorne Hotels (M&C) <MLC.L> said industry veteran Jennifer Fox would step down as its chief executive, just five months after taking the top job.

The company, which operates the Millennium, Grand Millennium, Copthorne and Kingsgate hotels, did not give a reason for her departure, but said it would provide further updates in due course.

Fox joined M&C as CEO in April, having previously served as president of Canada-based Fairmont Hotels & Resorts and European chief operating officer at InterContinental Hotels Group <IHG.L>.

Her departure comes at a time when M&C has been reviewing its “earnings profile” and developing a strategic plan, as concerns about Brexit have hit demand at its British hotels, especially in London, with rising labour costs adding to the pressure.

In August, the hotel chain reported a 4.3 percent drop in half-year revenues per available room (RevPAR), a key industry measure.

Tan Kian Seng, the company’s chief of staff, will serve as interim CEO, it said on Friday.

(Reporting by Shashwat Awasthi in Bengaluru; Editing by Mark Potter)

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