Sébastien Bazin, CEO of Accor, to Step Down
By Jordan Bradley
Accor Group Chairman and CEO Sébastien Bazin will not renew his contract with company and plans to step down from his role by May 2028.
“I was clear with the board of directors and the board was equally clear with me, this will be my last term,” Bazin said during in a May 27 shareholders call. according to a transcription of the call obtained by USAE. “Now, it is the time to lay the groundwork in terms of succession planning.”
Later in the call, Bazin said he’ll stay on at Accor in his current position unless the French hospitality company’s board of directors is able to find “the right person beforehand.”
Bazin has led the company as CEO since 2013, when he left his role as managing director for Europe at Colony Capital, one of Accor’s largest shareholders. Prior to that, Bazin initially joined its board of directors in 2005.
Throughout his tenure, Bazin has expanded the Accor portfolio from 12 brands to more than 45. Bazin also transitioned the company to an asset-light model.
During the call, shareholders voted don Bazin’s renumeration package, with just over 60% approval, Bloomberg reported. However, shareholders approved the remuneration package last year with 89% in favor, the outlet added.
According to Bruno Pavlosky, an independent director for the company, Bazin’s remuneration package had remained unchanged since January 2016.
Accor did not reply to USAE request for comment by press deadline regarding Bazin’s departure.
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