Leader had “reservations” transforming business model
The board of directors at French hotel giant Accor has sacked chairman and CEO Denis Hennequin and put in place an interim team, due to differences over the implementation of the group’s strategy.
In a statement, the company said that board “requested that the top priority be given to focusing energy and resources on transforming Accor’s business model. The board took note of Denis Hennequin’s reservations and unanimously voted to terminate his mandate with immediate effect”.
Hennequin was appointed in 2010 to speed up the implementation of an asset-light strategy, focusing on franchises and management contracts. But Accor’s shares have been performing poorly on the market during 2013, making shareholders impatient. Hennequin’s predecessor, Gilles Pelisson, was sacked in similar circumstances in 2010.
Yann Caillère, previously president and COO has been appointed CEO and vice chairman Philippe Citerne is now non-executive chairman, while board member Sébastien Bazin will take over Citerne as vice chairman.
[pictured: MGallery hotel spa; courtesy Accor]