Could the doctor be new Thomas Cook CEO?
Thomas Cook’s central Europe chief executive Peter Fankhauser has emerged as a likely candidate to take over the leadership of Group.
City analysts Morgan Stanley said that it understood ‘the well-regarded’ Dr Fankhauser was in the running for the top job to take over from intermin group chief executive Sam Weihagen.
Thomas Cook announced today that its group chief financial officer, Paul Hollingsworth, has decided to step down after helping Weihagen pull off a refinancing coup that will give the Group three years to repay its £1.4bn debt.
Chairman Frank Meysman said: "The Board is immensely grateful to Paul for the benefit of his experience and commitment and we are disappointed to be losing him. He has worked tirelessly to bring stability to the Group, enabling us to secure longer term bank facilities and provide a stable platform from which to build. He leaves with our very best wishes for the future."
Hollingsworth will be replaced by Michael Healy, formerly group finance director of Kwik-Fit where he played a key role in implementing a business development plan to reduce the risk in a highly levered business, said Cook.
He was also finance director and chief operating officer of the Hong Kong-listed First Pacific Company and subsequently the finance director of ebookers PLC.
Healy will join Thomas Cook on May 14 to ensure an orderly handover from Hollingsworth, who leaves at the end of June. Healy will join the Board on July 1.
"I am delighted that I am able to announce such a strong successor in Michael Healy," said Meysman. "Michael is a highly successful executive with the ecommerce, restructuring and extensive public company experience we need to take the Group forward. The Board has every confidence in his ability to provide the Group with strong financial leadership going forward."
Thomas Cook has yet to announce a new group chief executive following the resignation of Manny Fontenla-Novoa last autumn, after the operator had issued three profit warnings.
Sam Weihagen has delayed his retirement to fill the role on a temporary basis and in the last few days has managed to secure the company’s future by negotiating a new £1.4bn deal with its lenders.
The deal will cost Thomas Cook an additional £10m to £12m each year in interest payments, it emerged yesterday, but will give it another three years to return to profitability.
On announcing the new financial arrangements, Meysman said the search for a permanent chief executive was "progressing well" but did not give further details.
However, analysts Morgan Stanley said: "We understand the well-regarded internal candidate Peter Fankhauser is still in the running."
Dr Fankhauser, aged 51, joined the Group in 2001 and was appointed CEO of central Europe and East in 2007. Prior to that, he held a number of senior executive roles within the Group and before joining Thomas Cook, he was an executive Board member of Kuoni Reisen Holding AG in Zürich and chief executive officer of LTU Group in Düsseldorf.
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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