Accor to name Sebastien Bazin as CEO - report

PARIS Mon Aug 26, 2013 3:16pm EDT

PARIS Aug 26 (Reuters) - Accor is set to appoint Sebastien Bazin, the French hotel group's vice-chairman, as its new chief executive, the website of magazine Le Point reported on Monday without citing sources.

The appointment of Bazin, who heads the European operations of U.S. investment fund Colony Capital, one of Accor's key shareholders, is expected to be confirmed at a board meeting on Tuesday morning, according to the report.

An Accor spokeswoman declined to comment on the report.

Colony invested 1 billion euros ($1.34 billion) in Accor in 2005 and together with French private equity fund Eurazeo now controls 21.4 percent of the group and four board seats.

The U.S. investment fund masterminded the separation of Accor from its vouchers business Edenred in 2010 and the latter's successful listing.

Bazin became vice-chairman in April after the world's fourth-largest hotelier ousted Chairman and Chief Executive Denis Hennequin and put in charge a transition management team, promoting Chief Operating Officer Yann Caillere as CEO.

Sources said at the time that stakeholders were losing patience with the weak performance of Accor shares and wanted to speed up asset sales and franchising to boost returns.

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