Hotel giant Accor has ousted chief executive Denis Hennequin following a disagreement over the pace of change on the largest hotel chain in Europe.
A transitional team, headed by chief operating officer Yann Caillere, who takes the role of chief executive, was installed charge.
Board member Sebastien Bazin, head of Colony Europe, was named vice-chairman to exchange Philippe Citerne, who becomes non-executive chairman.
Hennequin becomes the third chief executive to be ousted from Accor since Usa-based Colony Capital invested within the group in 2005.
He was hired in 2010 to accelerate an asset light strategy designed to cut back exposure to capital intensive owned hotels in favour of franchises and management contracts.
However, stakeholders are believed to have lost patience with the rate of change, with Accor shares down five per cent in 2013.
During his tenure Hennequin sold loss making budget hotel chain Motel 6 for $1.9 billion.
He also disposed of gourmet caterer Lenotre and a stake in casino group Lucien Barriere, making Accor a pure hotel operator.
In February, Hennequin launched a 3-year plan to minimize exposure to a weak Europe.
Instead plans were installed place to step up expansion in emerging markets, while accelerating its move toward franchising or managing hotels for others to lift profit margins.
“The directors came to the joint conclusion in regards to the group’s situation: that the method adopted is the correct one and that it’ll remain unchanged,” Accor said in a press release.
“However, given current economic conditions and the rapid transformation of its competitive environment, Accor must accelerate the implementation of this strategy with the intention to reinforce its positions.”
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