Cook negotiates severance pay with Fontenla-Novoa
Thomas Cook is believed to be still negotiating a severance package with former chief executive Manny Fontenla-Novoa who quit yesterday.
He is believed to have offered his resignation immediately following a meeting of the company's major shareholders on Tuesday, and this was accepted by the Board.
Although Fontenla-Novoa had been under pressure from Cook's institutional investors to step down as chief executive following three profit warnings, a company source said his resignation had taken the Board by surprise.
As a result, he said no immediate successor had been lined up, although it is believed there is more than one internal candidate being considered for the role.
A company spokesman said: "The company will be casting the net far and wide, searching both inside and outside the company, looking high and low for a successor."
In the interim, deputy chief executive and chairman of the Northern European segment Sam Weihagen has taken over the role of chief executive. He is unlikely to remain in the position permanently as he was due to retire in December 2011.
In the meantime, Cook's has confirmed the sale of one of its hotels in Mexico for $20m and it says it is looking at more 'disposals', including retail sites, to improve its profitibility.
By Linsey McNeill
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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