Hotel group Accor has ousted its chairman and chief executive Denis Hennequin and put a transition team in charge saying it needed to accelerate the implementation of its business strategy.
The French group's board held an emergency meeting yesterday and said in a statement that it had unanimously voted to terminate Hennequin's mandate with immediate effect.
Hennequin is the third chief executive to be ousted from Accor, Europe's largest hotel group, since US investor Colony Capital invested in the group in 2005. In January 2011 former CEO and chairman Gilles Pélisson quit citing "strategic differences" with the board.
Although the company praised Hannequin's approach, saying it was on the right track, it added that it needed to accelerate the implementation of its strategy to refocus its business, expand internationally and reinforce its brands.
"The board took note of Denis Hennequin's reservations and unanimously voted to terminate his mandate with immediate effect," Accor said.
Accor has appointed chief operating officer Yann Caillere as chief executive, while board member Sebastien Bazin, the head of Colony Europe, has been made vice-chairman to replace Philippe Caillère, who was named non-executive chairman.
Philippe Citerne, non-executive chairman of Accor's board of director, said: "On behalf of the board, I would like to pay tribute to Denis Hennequin's new and creative perspective on the hospitality business and for the quality of our exchanges during his mandate as chairman and CEO, and also at the time of his departure. I am confident in the future development of the group."
Denis Hennequin added: "I am particularly proud of the work achieved by our teams, franchisees and partners under my guidance. Together, we have successfully expanded Accor enabling record growth over the last two years and creating a new, dynamic brand-based approach. I am confident that everyone will continue to uphold the values that drive the group's success: a spirit of conquest, imagination, performance, trust and respect."