Sebastien Bazin leaves Colony Capital for top post at Accor27 Aug, 2013 By: Elliott Mest
Sebastien Bazin, head of Colony Capital's European investing, was appointed chairman and CEO of Accor SA while the lodging company focuses on reducing the proportion of hotels it owns. Bazin will leave Colony behind, according to Businessweek, while current chairman Philippe Citerne has been appointed vice chairman. Yann Caillere, who worked as acting CEO of Paris-based Accor since the company fired Denis Hennequin in April, will leave the company.
According to the Wall Street Journal, the decision to appoint Bazin to chairman and CEO was made to end a series of dramatic management reshuffles, resulting from clashes between executives and shareholders from Colony Capital and Eurazero, which currently own 21 percent of the group's capital as well as four of 10 board seats. These clashes have resulted in Bazin being the company's fourth CEO in only eight years, following the departure of Denis Hannequin.
Reuters reported that Hannequin's predecessor, Gilles Pelisson, was replaced after disagreements between Pelisson and the board. Just one year earlier five Accor board members, alongside board chairman Serge Weinberg, resigned over disagreements with Colony and Eurazero.
According to the Global Post, Accor shares, which have already been boosted by speculation that Bazin would be named the company's new chief, were up 0.15 percent to $39.16 in an overall lower market. The Paris CAC was down 1.37 percent to 4,011.25 points in afternoon trading.
"I take on this new role with great ambition for the group, to which I am deeply committed, and acute awareness of the challenges it currently faces," Bazin said in a statement. "I want it to find the boldness, dynamism and desire which it has always been led by."
Topic : Appointments, Accor, Sebastien Bazin
External Source : Businessweek, Wall Street Journal, Reuters, Global Post
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