ACCOR’S board of directors has given chairman and CEO Denis Hennequin the boot and instituted an interim team, following differences over the implementation of the group’s strategy.
A statement released by the French company said that the 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 on April 23, 2013”.
According to Reuters, Hennequin was employed in 2010 to speed up the implementation of an asset-light strategy, focusing on franchises and management contracts. However, stakeholders grew impatient when Accor shares performed poorly on the market, falling close to five per cent in 2013, and wanted to expedite asset sales and franchising for better returns.
Yann Caillère, previously president and COO has been appointed as CEO, vice chairman Philippe Citerne is now non-executive chairman, and board member Sébastien Bazin will take over Citerne as vice chairman.
Reuters stated that Hennequin’s predecessor, Gilles Pelisson, was shown the door in 2010 after “strategic differences” with the board.
