The world’s largest hamburger chain, McDonald’s Corp. (MCD), announced that Denis Hennequin, the president of its European division, will resign effective November 30. Hennequin is leaving the company to join Accor Hotel Group as the chief executive officer (CEO).
Hennequin had started his journey at McDonald’s in 1984 as an assistant store manager and subsequently held an array of managerial positions. In 1996, he held the position of president and managing director for McDonald’s France. In 2005, Hennequin assumed the position of executive vice president for McDonald’s Europe, before becoming president in 2005. Hennequin was also a director at Accor since 2009.
Hennequin was in charge of more than 6,800 McDonald’s restaurants in 39 European countries. Under his leadership, McDonald’s generated $9.3 billion of revenues in 2009. McDonald’s solidified its footing in key European markets, accomplished the Plan-to-Win program and developed the franchise strategy in that continent under his able guidance.
McDonald’s management has yet to announce the name of Hennequin’s replacement.
Evry, France-based company Accor Hotel is Europe’s largest hotel owner. At Accor, Hennequin will succeed the former CEO Gilles Pelisson, who will leave on December 1 after strategic differences with core shareholders. Accror is seeking to dispose assets in order to pay down its debt and become Europe’s biggest hotel franchisor by 2015. We believe Hennequin will likely provide strong support to Accor’s franchise-driven growth model through his vast know-how in dealing with franchise concepts.
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