Thomas Cook parts company with chief executive

Thomas Cook group chief executive Manny Fontenla-Novoa is to step down with immediate effect as the board seeks to "restore market confidence" after the poor performance of its UK business.

Thomas Cook: Manny Fontenla-Novoa steps down
Thomas Cook: Manny Fontenla-Novoa steps down

It is not clear whether Fontenla-Novoa has a job to go to. He will be replaced by his deputy, Sam Weihagen, on an interim basis.

His departure was announced this morning alongside the travel operator's financial update for the three months to 30 June.

Revenues were up 13% to £2.4bn but the company made a pre-tax loss of £56.7m.

The travel operator admitted its new UK CFO had discovered £21.2m of costs relating to previous years whose recoverability was considered unlikely or where additional liabilities should be recognised.

The board has begun to review the plans for the UK business drawn up by an operational and strategic review kicked off in April.

Key areas of focus include leveraging brand strength, simplifying product strategy and improving differentiation, enhancing multi-channel distribution, and reviewing the size and structure of Thomas Cook Airlines.

Become a member of Campaign from just £46 a quarter

Get the very latest news and insight from Campaign with unrestricted access to plus get exclusive discounts to Campaign events

Looking for a new job?

Get the latest creative jobs in advertising, media, marketing and digital delivered directly to your inbox each day.

Create an Alert Now
Making media fun again: why we must free our industry from outdated models

1 Making media fun again: why we must free our industry from outdated models

The industry needs an audience-first media revolution that balances brand and outcomes, writes Mindshare's global chief executive.

Just published