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Accor Confirms Sebastien Bazin’s Appointment as Chairman, CEO

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August 28, 2013

Accor Confirms Sebastien Bazin’s Appointment as Chairman, CEO

PARIS–Accor SA (AC.FR) announced Tuesday that its board has appointed Colony Capital Europe’s managing director Sebastien Bazin as chief executive of the hotel group.

Mr. Bazin, who has represented Colony Capital on the board of Accor since 2005, will assume his new duties with immediate affect. In a statement, Accor said Mr. Bazin has ended all his duties at Colony Capital, which he had been heading since 1997, in order to take on the role.

Accor also said Philippe Citerne has been appointed as vice-chairman of Accor’s board of directors, returning to the position after holding the position of interim chairman since April.

Mr. Bazin’s “perfect understanding of the Group, his experience in the hotel sector and his strong international culture are all assets to successfully lead the ongoing transformation of the Group, to ensure its development and assert itself as a world leader in the industry,” said Mr. Citerne in the statement.

The appointment of Mr. Bazin would aim to put an end to a series of dramatic management reshuffles, often linked to a clash between executives and the group’s large shareholders Colony Capital and Eurazeo.

He will be the fourth CEO of the company in only eight years, replacing Denis Hennequin, who was ousted by the board in April. In late 2010, Accor’s board replaced Mr. Hennequin’s predecessor Gilles Pelisson after disagreements between the board and Mr. Pelisson. A year earlier, five Accor board members and board chairman Serge Weinberg resigned over a disagreement with Colony and Eurazeo–which together own 21% of the group’s capital and hold four out of 10 board seats.

As chief of Accor, Mr. Bazin will shoulder the responsibility of accelerating Accor’s development as it seeks to become a major hotel franchiser and operator instead of a hotel owner, following similar strategies at rivals Marriott International Inc. and Starwood Hotels & Resorts Inc.

“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,” said Mr. Bazin.

Source The Wall Street Journal

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