Shock departure of Harriet Green
Thomas Cook chief executive Harriet Green has stepped down, saying her work is done.
"I always said that I would move on to another company with fresh challenges once my work was complete. That time is now," she said this morning.
"I wish all of the team at this re-energised company continued success, as they move to the next phase of the company’s development."
Green, who joined the group two years ago, has been credited with growing Thomas Cook’s market capitalisation from £148 million to just under £2 billion and increasing its share price from 14 pence to over 139 pence.
But shares in the company fell 22% when the announcement was made this morning.
Green will be replaced by chief operating officer Peter Fankhauser.
Thomas Cook chairman Frank Meysman said: "Harriet has had a highly positive impact on this company.
"We emerge from her transformation stronger, with a clear strategy, world-class leadership team, updated brand, and a renewed focus on the customer.
"The succession plan she devised will now take effect and the new chief executive, Peter, will drive the company forward as we focus on winning the commercial battle against other operators."
Green’s departure was announced as Thomas Cook reported a 44% jump in earnings before interest and tax to £323 million for the year ended September.
However, when the impact of disposals, foreign exchange movements, and other one-off items were taken into account, Thomas Cook actually reported a pre-tax loss of £114 million, compared to £163 million last year.
The operator warned that a tougher trading environment would slow down growth in the next 12 months.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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