Barely two days before its Annual General Meeting on 25 April, the Board of Directors of the Accor group decided to part company with its CEO Denis Hennequin. The decision was made official in a press release: "The Board of Directors has asked that energies and resources be allocated as a priority to transforming Accor's business model, (...) has taken note of Denis Hennequin's reservations and has therefore unanimously terminated his term of office with effect from 23 April 2013". However, the Accor group refers to "a diagnosis shared by all the directors: the strategy followed is the right one and will remain unchanged". The problem therefore lies more in the pace of implementation, which the Board intends to speed up. Denis Hennequin said he was "proud of the work we have accomplished", underlining "record growth over the last two years". Denis Hennequin's departure, which takes effect on 23 April, will be offset by a transitional governance structure: a triumvirate led by Philippe Citerne, non-executive Chairman, Yann Caillère, Chief Executive Officer, and Sébastien Bazin, Vice-Chairman of the Board.
