Action Hotels' chief executive steps down after a decade on the job

6th Sep 2018 13:56

(Sharecast News) - Action Hotels' chief executive Alain Debare stepped down from the group's board on Thursday.Debare, who was at the helm of the Middle East and Australia focused three and four-star hotel operator since 2008, will be replaced by Andrew Lindley, the firm's current chief financial officer until a suitable replacement is found.Action's chairman Sheikh Mubarak Al-Sabah, said: "Alain has overseen the growth of Action Hotels for the last ten years, taking it from a private company to a public company. On behalf of the board we are grateful to Alain's extremely hard work and efforts and wish him all the best for the future."Last month, the AIM-listed firm said an agreement had been reached with Action Group, its largest shareholder, on a takeover.Under the terms of the offer, Action Hotels shareholders will be entitled to receive 24p in cash per share.The offer values the entire issued ordinary share capital of Action Hotels at £35.43m and represents a premium of 50% to the closing price of 16p on 28 June 2018As of 1355 BST, Action shares were untraded on 23p.