Green, who was replaced by chief operating officer Peter Fankhauser last November, took home just over £1 million in the 2014 financial year, compared with £2.9 million in the prior year – a fall of 63%.

Chief financial officer Michael Healy also suffered a reduction as his total remuneration dropped from £1.3 million to £655,000.

The main reason behind the substantial drop was that nether Green nor Healy collected a bonus as part of the Group Bonus Plan. Both failed to meet targets set out at the start of the year.

“The financial hurdles for the FY14 Group Bonus Plan were Group underlying EBIT [earnings before interest and tax] and Cash Conversion. In FY14, Group underlying EBIT was £323 million and Cash Conversion for incentive purposes was 40%,” the company’s financial report stated.

“Despite these achievements and significant progress against our strategic KPIs, the FY14 outcomes described above were below the financial hurdle levels set at the beginning of the period.

“Consequently, the committee has determined that no payment will be made under the Group Bonus Plan for FY14 for Executive Directors, despite their strong performance to deliver good results in a difficult year.”

Cook said it would not disclose the actual performance targets given to Green and Healy as they were “commercially sensitive at this time”.

Green has been linked with a number of jobs since leaving Thomas Cook. TTG understands that Green is still contractually tied to the company until the end of June. If she took another job during this period she would be required to renegotiate with the company as her departure package contained a number of restrictive covenants.