Sebastian Bazin was named Accor's, the world's leading hotel operator, new chairman and chief executive officer. Bazin is a private equity specialist and had been expected to drive Accor's asset sales up to boost investor returns in the company.

Bazin previously worked with investment fund Colony Capital as the head of European operations for the Americas. Colony Capital is the largest Accor shareholder. The appointment of Bazin was held during a board meeting last Tuesday morning.

Along with other shareholders, Colony had been unhappy with the pace at which Accor was taking. Its expansion strategies to emerging markets with a weak Europe saddened investors. This was after the hotel was already moving away from hotel ownership towards franchising or hotel management for others.

According to Bazin, "I take on this new role with great ambition for the group, to which I am deeply committed, and acute awareness of the challenges."