More retail and back office cuts expected at Thomas Cook
Analysts predict chief executive Harriet Green will announce further cutbacks as she highlights her recovery strategy to investors at the annual results on Wednesday.
Senior and middle management are expected to be targeted in the latest restructuring while analysts believe more high street agents and some back office operations will be cut in the long term, reports the Sunday Telegraph.
However Ms Green’s presentation is likely to concentrate on ‘themes’ – cost cutting, technology and customer services with the ‘hard details’ not given until the Spring.
Improved full year results are predicted to show a profit but exceptional items are expected to push the underlying profits into a pre-tax loss.
Last week, Thomas Cook announced the departure of Simon Robinson, CEO of Thomas Cook Co-operative Travel as part of plans to "simplify" the business.
Thomas Cook UK CEO Peter Fankhauser said at the time that more changes were planned and a "full management structure" would be announced shortly, see previous story.
This is expected to happen in the next couple of weeks but should not unearth many ‘new’ changes.
The tour operator has seen the departure of several senior executives in the last two months.
These include Simon Robinson, head of retail joint venture with Co-operative Travel, David Robinson, product and aviation director for scheduled business, UK and Ireland chief executive Ian Ailles, independent business chief executive Phil Aird-Mash, chief commercial officer Neil Morris, chief financial officer Michelle MacMahon and Thomas Cook Sport managing director Danny Talbot.
By Diane Evans
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