The Board of Directors of Accor unanimously decided to terminate the Chairman and CEO of the Group Denis Hennequin. The reason given for his ousting was the disagreement over the speed of change in Accor’s strategy.
“All 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. 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. The Board therefore 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, Accor said in a press release.
Meanwhile, the Board decided to install a transition executive team: Philippe Citerne, previously Vice- Chairman of Accor’s Board, is appointed Non-Executive Chairman of Accor, and Sébastien Bazin becomes Vice-Chairman of the Board. Yann Caillère, previously President and Chief Operating Officer is appointed as Chief Executive Officer.
