Millennium & Copthorne hotels’ chief executive is third to resign in three years

The prestigious Millennium & Copthorne hotel chain has denied underlying people problems after its third chief executive resigned in as many years.

Peter Papadimitropoulos left this week after just six months in the post, following Tony Potter and John Wilson who have walked out of the door since 2004.

Four financial directors have also left the company, which operates the Mayfair hotel in London, since 2002.

Shares tumbled in the wake of the announcement, while investment analyst firm Merrill Lynch raised concerns over the running of the company.

“We believe today’s departure once again highlights corporate governance concerns at Millennium & Copthorne,” a statement said.

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But a spokesman for the hotel group denied there were underlying problems, and insisted Papadimitropoulos left by mutual consent. “The decision was taken by the board as a whole and by Peter himself,” he said.

The search to appoint a new chief executive is under way. Executive director Wong Hong Ren will act as interim group chief executive.