Cooper founded On the Beach in 2004, which is now licensed to carry more than 1.8 million Atol-protected passengers a year, just pipping its major rival Loveholidays.
He told TTG: “I remain a significant shareholder, I’m not going anywhere.”
Cooper will take up a new role as non-executive founder director retaining an active involvement in the business.
Cooper said he would do “a bunch of different things” after stepping down from his full-time role. “Covid has given us all an opportunity to think what we would do if we weren’t in an office five days a week. I might pick up a number of non-executive directorships and travel a bit more.”
Asked about the high point of his career, he said there were “too many to mention”. “The overriding memory will be the great bunch of people I’ve worked with.”
He will be succeeded by Shaun Morton, who joined On the Beach in February 2018 before being appointed chief financial officer in July 2020.
On the Beach said Morton was "instrumental" in guiding the group through the Covid crisis, leading on strategic investment in the brand, its technology and customer proposition, and its decision to diversify into premium, long-haul and B2B segments, the latter through its acquisition of Classic Collection Holidays.
A search for a new CFO is under way. Cooper will also work with Morton to ensure "a seamless transition" into his new role at chief executive.
"On the Beach has had an amazing journey in the 18 years since I founded it and I feel that now is the right time to hand over the reins to my successor," said Cooper. "I am confident Shaun is the right person to guide On the Beach through the next phase of growth and take advantage of the opportunities that lie ahead.
"Everyone that works in the travel industry has experienced immense change over the past few years and with the travel industry now returning to pre-Covid levels, I have every confidence in On the Beach continuing to be a success and look forward to transitioning to my new founder director role once the right CFO candidate has been selected."
’Next growth phase’
Morton said he was honoured and excited to take over from Cooper. "The travel industry is constantly evolving and I am confident that On the Beach’s flexible model will continue to win market share while delivering excellent value for our customers."
Richard Pennycook, chair of On the Beach’s board, added Morton’s work during the pandemic had ensured the business exited the crisis with a strong balance sheet, one that stands it in good stead ahead of its "next growth phase".
"I have worked closely with Shaun since becoming chair and I share Simon’s confidence in Shaun’s excellent leadership credentials and have no doubt that he is the right person to lead OTB onto the next chapter," said Pennycook, who added On the Beach would continue to benefit from Cooper’s "deep knowledge" of the business and the technologies that underpin its success.
