Thomas Cook chief picks up £5m bonus
Monday, 02 Feb, 2009
0
Thomas Cook group chief executive Manny Fontenla-Novoa received a £5 million bonus last year.
This was in addition to his salary rising from £630,000 a year to £850,000.
The rise in base salary was in recognition of operational and strategic achievements and financial performance, including industry leading margins; strategic development, acquisitions in India, Egypt, France and Canada; major reorganiaition of the group and organising a group-wide "flexible action plan" to address the uncertinaties and challenges that may arise for the developing economic climate, according to the group’s annual report.
The £5 million bonus was awarded for “exceeding all expectations” in meeting synergy targets following the merger with MyTravel in 2007.
The company’s annual report for 2008 also showed that the groups’ chief financial officer received a bonus of £1.275 million.
The bonuses reflect “the exceptional performance and personal effort of the senior executives involved”.
Both the chief executive officer and chief financial officer intend to make a significant investment in Thomas Cook shares early this year, the report added.
by Phil Davies
Phil Davies
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Clearing CSS/JS assets' cache... Please wait until this notice disappears...
Updating... Please wait...
Qatar Airways offers flexible payment options for European travellers
Phocuswright reveals the world's largest travel markets in volume in 2025
Airlines suspend Madagascar services following unrest and army revolt
Digital Travel Reporter of the Mirror totally seduced by HotelPlanner AI Travel Agent
Cyclone in Sri Lanka had limited effect on tourism in contrary to media reports