7th Nov 2013 10:11
LONDON (Alliance News) - Travel company Thomas Cook Group PLC Thursday completed the revamp of its management team as new Chief Executive Harriet Green appointed the head of the company's UK and European business to the newly created role of chief operating officer and promoted a European regional manager to head up its key UK operations and a complete a turnaround in France.
Green was appointed CEO in May last year to lead a turnaround of a company that had been brought to the brink of bankruptcy after taking on too much debt and being hit hard by the economic downturn.
Since taking the helm, Green has sold assets, sold-and-leased-back aircraft, launched a new strategy for the whole group, a turnaround plan for its ailing French business, raised new funds through a right issue, cut costs and the number of holidays it sells, and revamped the executive team.
The plan is showing signs of paying off, with debt down by more than half and revenues and profits starting to rise. However, it is still underperforming great rival TUI Travel PLC.
Thursday, Green said Peter Fankhauser, currently CEO for Thomas Cook UK and Continental Europe, has been appointed to the newly created position of COO. Reto Wilhelm, currently managing director of the group's West/East region, part of its Continental European unit, is being promoted to lead the UK business while also continuing to drive the turnaround of the French operation. Salman Syed has been hired from outside the company to replace Wilhelm as head of West/East.
Thomas Cook shares were up 0.4% at 142.50 pence Thursday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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