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
Have your say Cancel reply
Most Read
TRAINING & COMPETITION
Posting....
Skip to toolbar
Clearing CSS/JS assets' cache... Please wait until this notice disappears...
Updating... Please wait...
Subscribe/Login to Travel Mole Newsletter
Travel Mole Newsletter is a subscriber only travel trade news publication. If you are receiving this message, simply enter your email address to sign in or register if you are not. In order to display the B2B travel content that meets your business needs, we need to know who are and what are your business needs. ITR is free to our subscribers.































Qatar Airways offers reduced timetable to over 60 destinations
Hands In, UATP join forces for airline multi-card payments
AirlineRatings reveals world's safest airline rankings for 2026
Vietnam warns airlines of possible flight reductions amid jet fuel shortages
Fliggy opens AI-powered travel bookings and developer tools