Accor ousts CEO over pace of strategy shift
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)