Waggott, who has been on gardening leave since leaving Travelopia last April, will assume the role on March 11.
Cook said Waggott brings 20 years’ industry experience to the role.
He started his career at Airtours before joining Thomson in 2001, where he held a number of senior roles during its transition to Tui.
Responsibilities in his new role will extend across Cook’s tour operator businesses, with oversight for the UK, continental Europe and northern Europe.
His immediate focus, said Cook, will be to address the performance of Cook’s UK tour operator “where the challenges of transformation in a competitive environment remain significant”.
Cook chief executive Peter Fankhauser said: “Will Waggott brings substantial experience in operating and transforming leisure travel businesses.
"This expanded role will deliver a more streamlined and consistent approach across our tour operating business, while at the same time giving renewed focus to the UK market.”
Cook said Waggott’s appointment “recognises the need to accelerate Thomas Cook’s strategy of differentiation”.
This will include strengthening the operator’s own-brand hotel portfolio, digitising sales channels, and driving efficiencies across the business.
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