Accor ousts CEO over pace of strategy shift

PARIS, April 23 Tue Apr 23, 2013 2:46pm EDT

PARIS, April 23 (Reuters) - Accor's board ousted Chief Executive Denis Hennequin on Tuesday in a disagreement over the pace of change of strategy at Europe's largest hotel group.

Accor named a transition executive team including Chief Operating Officer Yann Caillere as CEO. Board member Sebastien Bazin, the head of Colony Europe, was named vice-chairman to replace Philippe Citerne, who becomes non-executive chairman.

"The directors came to the joint conclusion regarding the group's situation: that the strategy adopted is the right one and that it will remain unchanged," Accor said in a statement.

"However, given current economic conditions and the rapid transformation of its competitive environment, Accor must accelerate the implementation of this strategy in order to reinforce its positions." (Reporting by James Regan; Editing by Dominique Vidalon)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.