French hotel chain Accor on Tuesday appointed businessman Sebastien Bazin as chief executive in a management shakeup as the group is expected to embark on a new strategy to shed property and operate via franchises.
Bazin, 51, who is leaving private equity firm Colony Capital for the job, replaces a trio of executives who briefly took over leadership after Accor in April sacked its former chief executive Denis Hennequin over differences concerning strategy.
"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.
"I want it to find the boldness, dynamism and desire which it has always been led by."
Hennequin was reportedly pushed out by a majority of the board, dominated by Bazin's Colony Capital and venture capital group Eurozeo, which wanted Accor to dispose of its property holdings and become more of a hotel franchise business.
Accor, Europe's biggest hotel owner with chains like Ibis, Mercure and Sofitel, said Yann Caillere, who has served as the company's CEO in the past few months, would also leave the company.
At Colony Capital, Bazin managed and participated in several hotel sector investments and buyouts.
Former banker Philippe Citerne, who was named vice-chairman of the board on Tuesday, said 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".
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 29.28 euros ($39.16) in an overall lower market.
The Paris CAC was down 1.37 percent to 4,011.25 points in afternoon trading.
