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Wednesday, 08 April 2020

Thomas Cook says CEO Harriet Green to step down

Reuters, Wednesday 26 Nov 2014
Views: 589
Views: 589

British holiday company Thomas Cook said its chief executive Harriet Green was stepping down, two years after leading a turnaround of the group, and would be replaced by chief operating officer Peter Fankhauser.

The company said on Wednesday the leadership change would take place with immediate effect, explaining that Green's remit had been to overhaul the firm.

"I always said that I would move on to another company with fresh challenges once my work was complete. That time is now," Green said in a statement.

Her departure came as Thomas Cook, the world's oldest travel firm, warned that its pace of growth would slow in 2015 to reflect a tougher trading environment.

Since travel industry outsider Green joined two-and-a-half-years ago, Thomas Cook has been put on a more sound financial footing, reported strong growth in profits, and overseen a 892 percent rise in its share price.

That represents a major recovery from a dramatic slump in 2011, when the firm was hit by the euro zone debt crisis, high fuel costs and political turmoil in popular holiday destinations such as Greece, Egypt and Tunisia.

Green has driven steady improvement in the company's finances through job cuts, store closures and a series of disposals to reduce debt.

Announcing full-year results also on Wednesday, the company reported a 44 percent jump in earnings before interest and tax (EBIT) to 323 million pounds ($507.43 million) for the year ended September, broadly in line with a Thomson Reuters consensus forecast of 320 million pounds.

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