French hotel group Accor has appointed Serge Weinberg as its new chairman and Gilles Pelisson as its new ceo.
They will takeover at the world's fourth largest hotel group in January on the departure of the current chairman and ceo Jean-Marc Espalioux.
The appointments are seen as a compromise in an alleged feud between the outgoing chairman and co-founder of the group, Gerard Pelisson and three French banks which hold 10% of the company.
The banks, Caisse des Dépôts et Consignations, Société Générale and BNP Paribas had gone public in France last week on their view that Gerard Pelisson was biased towards the appointment of his nephew, Gilles.
They were also angry over repeated leaks to the press.
Following the resignation of Gerard Pelisson, the supervisory board will call an extraordinary shareholders' meeting on January 15 which will be recommended to separate the roles of chairman and ceo.
The meeting will also be recommended to replace the current supervisory board and the management with one board of directors.
The appointments of Mr Weinberg and Gilles Pelisson are also expected to be confirmed at this meeting.
Mr Weinberg, 54, is a former chairman of the major retail group Pinault-Printemps-Redoute. He left in March to set up and chair his own investment company Weinberg Capital Partners.
Gilles Pelisson, 48, has been chairman and ceo of Bouyges Telecom since 2004. He has held similar posts at Euro Disney. He began is career at Accor in 1983, rising to co-chairman of the Novotel group before leaving in 1995.
The search for a successor to Mr Espalioux, who announced that he would not be seeking a renewal of his contract after seven years in charge, has gone on for months.
Headhunters appointed to find the right people are reported to have resigned amid the wrangling while one executive who was reported to be inline for one of the Accor jobs was sacked by his company.