A small party of angry shareholders and demonstrators congregated outside hotel group Accor's annual shareholder meeting in Paris yesterday, following news that chairman and chief executive Denis Hennequin was ousted earlier this week.
Hennequin is the third head of Accor to have left in eight years, since private equity groups Colony Capital and Eurazeo made their intial investment. The companies now hold a 21% share in the business.
Accor's shareholder meeting saw union members waving placards outside the meeting and angry shareholders inside, according to the Financial Times.
One shareholder asked three times for interim chairman Philippe Citerne to explain the disagreements at Tuesday's emergency board meeting.
Citerne said that Hennequin had requested the meeting. "Obviously there were problems. We became convinced that he had problems that did not enable him to continue. Voilà," the FT quoted him as saying.