Accor starts to rebuild senior management team after walkout

French hotel giant Accor has begun the process of rebuilding its senior team, with its first new appointment since its chairman and five other directors quit last month.

Jacques Stern has been promoted to the role of senior vice-president and chief financial officer in charge of finance, strategy, hotel business development and IT at the company.

Stern, who had been head of group strategy and hotel business development at the company that owns the Novotel and Ibis hotel brands, has been a member of the management board since March 2005.

Accor chairman and chief executive Gilles Pélisson said: “This is a much deserved recognition for Jacques Stern, whose role and influence in the financial community has been beneficial to the group for more than ten years now.”

His promotion comes at a difficult time for Pélisson, who saw his then chairman and five directors quit board last month in protest at the decision to unite the chairman and chief executive role.

Although combining the roles of chief executive and chairman is common in France, the outgoing directors feared a single executive chairman would be less able to resist pressure bought to bear in the boardroom by major shareholders Colony and Eurazeo

Accor chairman and directors quit in protest at boardroom shuffle >>

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By Chris Druce

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