Accor Chairman and CEO Sébastien Bazin will step down from his post no later than May 2028, he announced during the French hospitality company’s annual shareholder meeting on Wednesday.
“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 the meeting. “Now, it is the time to lay the groundwork in terms of succession planning.”
Bazin said later during the meeting that he will remain at Accor until May 2028 unless “the board of directors finds the right person beforehand” to succeed him.
Bazin was appointed chairman and CEO of Accor in August 2013 after holding various executive leadership roles across the hospitality, finance and real estate sectors, per Accor.
Also during the meeting, shareholders pushed back on the CEO’s compensation package. Some 40% of shareholders voted to reject Bazin’s compensation and bonus at the meeting, Bloomberg reported Wednesday. The resolution passed with just under 60% of shareholders in favor, whereas it was approved by 89% last year, per Bloomberg.
In addition to succession planning, Accor will “continue to manage our day-to-day, execute our strategic road map, make the right decisions regarding Ennismore, [and] deploy our business in India,” Bazin said to shareholders during the meeting. In October, Accor announced its board was evaluating a possible stock market listing for Ennismore.
Accor did not respond to a Hotel Dive request for comment by the time of publication.
