Thomas Cook appoints new chairman
Thomas Cook confirmed today that chairman Michael Beckett will be replaced by industry outsider, Belgian Frank Meysman, previously executive vice president of The Sara Lee Corporation.
Meysman, aged 59, will become chairman designate from October 1 and will take over from Beckett following a two-month handover on December 1, when the latter will retire.
The appointment will please shareholders, 11% of whom voted against Beckett's reappointment as chairman earlier this year when it was revealed that the company had altered its bonus structure to avoid losses from the ash cloud crisis hitting directors' remunerations.
Meysman, who has been a non-executive director, including chairman, of a number of public and private international companies, will need to rebuild the company's share value, which has plummeted in recent months.
Commenting on his appointment, Roger Burnell, Thomas Cook's senior independent director said: “Frank’s successful international executive career, coupled with his experience as a non-executive eirector and chairman makes him an excellent choice for Thomas Cook.”
Beckett added: “I am pleased to hand over to Frank Meysman following his appointment as our next chairman.
"His experience and knowledge of international markets will be valuable to the Group in the future. I look forward to working with him over the next two months to ensure a smooth transition.”
Beckett's departure follows that of chief executive Manny Fontenla-Novoa who stepped down in August after issuing a third profit warning for the Group. His former deputy Sam Weihagen, who is due to retire at the end of the year, is acting chief executive while the company seeks a permanent replacement.
“The Group currently faces a number of significant challenges, but in the medium to longer-term we will be well positioned to build shareholder value on the back of premium brands and a fine heritage in the UK as well as internationally," said Meysman.
"I am delighted to have been given such an exciting opportunity and I look forward to working with my new executive and non-executive colleagues on the Board.”
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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