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...
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