23rd Jun 2009 09:01
23 June 2009
Travelzest plc
Chris Mottershead steps down as Chief Executive Officer
The Board of Travelzest PLC (the "Company") announces that the Company and Chris Mottershead have agreed that he will today step down as the Chief Executive Officer of the Company. Mr Mottershead's suspension has been lifted and he will remain an employee of the Company until 15 July 2009 and a director of the Company until further notice.
The Board further announces that its investigation into the allegation of a potential misappropriation of Company funds, which it announced on 24 April 2009, has been concluded. The allegation is unsubstantiated and all monies are accounted for.
Whilst it is satisfied that it took all appropriate steps and acted in accordance with its obligations throughout the process, the Board regrets any upset or distress caused to Mr Mottershead as a result.
Jonathan Carroll, who has been acting as interim Chief Executive Officer of the Company since 24 April 2009, will replace Mr Mottershead as Chief Executive Officer with effect from today.
Enquiries:
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Travelzest plc
Jack Fraser
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01442 874 322
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Investec Investment Banking
Martin Smith/Erik Anderson
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0207 597 5970
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