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Yann Caillère takes the operational reins of the Accor group

The tension that has developed between the president and CEO of the Accor group, Denis Hennequin, and several weighty shareholders, has found closure in the immediate departure of the group's leader, the day before the general meeting. The Chief Operating Officer, Yann Caillère has been named CEO, while Philippe Citerne, member of the board will occupy the position of non-executive president.

In a communiqué published at 10 pm, Tuesday, April 23rd, the leadership of the Accor Group announced the immediate departure of Denis Hennequin, the President and CEO, in a disagreement over strategy with the shareholder pact led by Eurazeo and Colony Capital.

In select terms, the Board of Directors, held two days before the general meeting, noted "the reserves of Denis Hennequin (to accelerate the divestment strategy initiated eighteen months ago) and therefore terminated his mandate unanimously in effect from April 23, 2013. "

The group's financial shareholders wish to quickly bring about the transformation of the resolutely asset light model to boost the group's profitability, generate gains from land transfer made to shareholders, and find a dynamic market price. Denis Hennequin seemed wary of speeding up the process, favoring an industrial strategy based on branding, which requires more time.

A new tandem is taking command of the group with the operational responsibilities assigned to Yann Caillère, who is transitioning from Chief Operating Officer. In addition, the Vice-Chairman of the Board of Directors, Philippe Citerne, independent director, former head of la Société Générale, assumes a non-executive presidency to assure the link with shareholders. Sébastien Bazin succeeds to the vice-presidency of the board.

Fairplay, Denis Hennequin stated : «I am particularly proud of the work accomplished under my leadership by our teams, our franchises, and our partners. Together, we knew how to grow Accor with record development these last two years by constructing a new brand dynamic. I have confidence in each member to continue giving life to the values that made the group's success, the conquering spirit, imagination, performance, confidence, and respect».

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