PARIS (Reuters) – Accor Chairman and Chief Executive Denis Hennequin, beset by skepticism over his ability to turn around Europe’s largest hotels group, has decided to resign and is likely to be replaced by a duo, a source close to the board said.
The French company is expected to name board member Sebastien Bazin, the head of Colony Europe, as chairman and Accor’s Chief Operating Officer Yann Caillere as chief executive, the source said on Tuesday.
“Hennequin has decided to throw in the towel,” the source told Reuters.
Les Echos newspaper said on its website that Philippe Citerne, the Accord vice-chairman, was also a strong candidate to become chairman.
Sources close to the group had told Reuters earlier in the day that Hennequin’s fate would be decided at a board meeting in the afternoon.
Accor confirmed that it was holding a board meeting on Tuesday but declined to elaborate, though shareholders are losing patience with the weak performance of Accor shares, down close to 5 percent so far this year.
“Mr Hennequin does not have the stature to lead a company which needs a real boss,” a source close to the company told Reuters. “A majority of board members are on that wavelength within the board, and it’s not just the funds.”
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Source: Cyril Altmeyer and Noelle Mennella (2013). Accor CEO expected to be replaced by duo: source, Chicago Tribune?http://www.chicagotribune.com/business/sns-rt-us-accor-ceobre93m17o-20130423,0,3298583.story published Apr 23, 2013. Viewed Apr 24, 2013,