“We’ve under-performed for too long,” says Thomas Cook chief
Thomas Cook chief executive Manny Fontenla-Novoa has vigorously defended the move to axe 325 job as he insisted tough decisions were needed to fulfil the untapped potential of the brand.
He said achieving record pre-tax profits of £83.3 million – which were announced yesterday – did not mean the business could relax.
In a media briefing, Fontenla-Novoa said only by taking these tough decisions would Thomas Cook shrug off its “sleeping giant” tag.
“We can’t stand still, we just can’t,” he said. “I am not prepared to do that and as a business we are not prepared to do that.
“We want to fulfil our potential and we have nowhere near yet filled that potential.”
He said that for too long Thomas Cook, one of travel’s strongest brands, has failed to deliver.
“It’s an organisation that has been around for a long time and for the last 20 years has underperformed,” he said.
“Everyone called us sleeping giants. Everyone said we were underperforming on our potential and our brand. Everyone used to have digs at Thomas Cook.
“All of a sudden we have momentum and confidence in our business and people want to see Thomas Cook where it is now. And they also know that because of that we have to take tough decisions.”
Turning to the reaction of staff, he confessed they were “shocked and hurt” but stressed every support was being offered to them.
“Of course it was horrible to say to people that jobs are going. I’d much rather be saying other things,” he went on.
“But we have a very open culture here and every year we make no bones that we, and I personally, won’t shirk difficult decisions.”
He said he remained “pretty confident” alternative roles could be found for the “vast majority” of those made redundant.
Report by Steve Jones
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