After the ouster of CEO Denis Hennequin on Tuesday, Accor saw a tumultuous annual shareholders’ meeting on Thursday at the 764-room Novotel Paris Tour Eiffel.
Accor, Courcouronnes, France, faced unhappy shareholders and employees at the meeting. At the meeting individual shareholders accused Eurazeo and Colony Capital, two of Accor’s top shareholders, of acting as if they owned the company. Click here for a video of the meeting from Accor that includes timestamps.
Representatives of Accor’s Workers Committee said at the meeting Hennequin’s firing was a “coup d’etat.” Outside the meeting, members of the French Democratic Confederation of Labour (CFDT) union held a demonstration, protesting the influence of Eurazeo and Colony Capital over the company. The union fears the management switch will lead to job cuts. Accor acknowledged at the meeting that its workforce has been steadily cut since 2010 from 16,044 to 14,474, during which time the company has seen three CEO switches.
Meanwhile Sébastien Bazin, principal, managing director Europe and CEO of Colony European investing affiliate and since Tuesday vice chairman of Accor’s board of directors, stressed that the company needed to accelerate implementing its asset light strategy started under Hennequin’s tenure. Eurazeo and Colony Capital control 21% of Accor and according to anonymous sources pushed for Hennequin to leave because he disagreed with the pace of implementing the strategy, despite the sale of Motel 6.
“We want to accelerate the strategy and for this transition period not to hurt the company,” Bazin said at a news conference after the meeting.
At the meeting, Accor’s interim CEO Yann Caillère said the company is moving ahead with reconfiguring its portfolio to comprise 40% managed, 40% franchised and 20% owned and leased hotels.