Wednesday, 3 August 2011

Thomas Cook CEO leaves with immediate effect

Travel giant Thomas Cook today confirmed the shock departure of group chief executive Manny Fontenla-Novoa with immediate effect.

The news follows a series of profit warnings and a drop in share of 90p per share. The position will be filled temporarily by Fontenla-Novoa's deputy , Sam Weighan.
Thomas Cook say that a search process is underway to identify a permanent successor and an announcement will be made in due course.

Fontenla-Novoa had been group CEO since 2007 after joing the company in 1996. On his departure, Fontenla-Novoa commented: “Thomas Cook and its people have a sound heritage and I have been proud to have been part of the company.”

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