French hotel conglomerate Accor has had bad economic news for some time now, and 2013 first quarter results are blamed for the Europe hotel giant having fired CEO Denis Hennequin. According to news from Accor, the board voted to terminate Hennequin effective yesterday.
While the Accor figures for the first part of this year seem to be a primary cause of Hennequin’s demise, Businessweek and other media have it that a dispute over the pace at which the company is expanding was at issue. Accor, which owns the Sofitel and Ibis brands, has been in a “restructuring” mode for some time. Still, the company has plans to expand by some 30,000 plus rooms over the next few years.
A unanimous vote by Accor’s board has now opened up the doors for more speculation about the health of the Paris bases hospitality conglomerate once again. Also according to the news, COO Yann Caillere (top left) will now act as the interim CEO until another candidate can be named.
Hennequin has had the reins at Accor since January 2011 when he replaced Gilles Pelisson. Hennequin was the head of McDonald’s in Europe prior to becoming CEO at Accor. Accor stocks have been on a downward spiral of late as the chart from Google Finance below shows.