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Peterborough based Thomas Cook group chief executive Manny Fontenla-Novoa is stepping down with immediate effect. The board seeks to “restore market confidence” after a poor performance of its UK business.
It’s unclear if Fontenla-Novoa has a job to go to but he will be replaced by his deputy, Sam Weihagen, which is on an interim basis.
His departure was announced this morning 3rd August 2011 alongside the Peterborough based travel operator’s financial update for the three months to 30 June.
According to a review, Revenues were up 13% to £2.4bn but the Peterborough company made a pre-tax loss of £56.7m.
The Peterborough travel operator admits 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.
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