Thomas Cook CEO steps down
Manny Fontela-Novoa resigns from the travel company after a string of profit warnings
By CFOWorld.co.uk | CFO UK | Published 10:08, 03 August 11
Thomas Cook’s chief executive Manny Fontela-Novoa has resigned his post as the company’s margins continue to suffer.
The travel group issued its third profit warning in 12 months in July and its CEO has come in for criticism as its share price fell dramatically.
Deputy CEO Sam Weihagen will replace his former boss on an interim basis until a permanent successor is identified.
“In Sam Weihagen, we have a highly successful and experienced executive and the board has every confidence in his ability to lead the group until a new CEO is appointed,” said Thomas Cook chairman Michael Beckett.
Manny Fontenla-Novoa said: “Thomas Cook and its people have a sound heritage and I have been proud to have been part of the company.”
On issuing its latest profit warning in July, the travel group partly blamed a loss of business in areas of the Middle East and North Africa experiencing political unrest.
However, revenues in its French and British markets this year have not keep pace with those of 12 months ago, with a continued consumer spending squeeze regarded as the primary reason.
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