PARIS Aug 27 Accor is set to appoint Sebastien Bazin, the French hotel group's vice-chairman, as its new chief executive, two sources close to the matter said on Tuesday, confirming earlier press reports.
The appointment of Bazin, who heads the European operations of U.S. investment fund Colony Capital, one of Accor's key shareholders, will be proposed at a board meeting on Tuesday morning, the sources told Reuters.
"There is an Accor board meeting this morning and the candidacy of Sebastien Bazin (as CEO) will be proposed," one of the source said
If appointed, Bazin would leave Colony, the same source said.
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.
Colony, Eurazeo and Accor declined to comment.
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 interim 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.
Accor will unveil its first-half earnings on Wednesday.
(Reporting by Dominique Vidalon, Elena Berton; Editing by David Cowell)