Thomas Cook chief executive Harriet Green has stepped down as the company reveals strong full-year results.
In a statement, Cook said Green would be replaced by chief operating officer Peter Fankhauser who would take over “with immediate effect”.
“The transformation of Thomas Cook into a company with a market capitalisation of just under £2 billion and a share price of over 130 pence is one I have been proud to lead.
"I always said that I would move on to another company with fresh challenges once my work was complete. That time is now. I wish all of the team at this re-energised company continued success, as they move to the next phase of the company’s development”, Green said.
Shares in the company fell 18% following the announcement, partly driven by Cook’s more measured outlook for 2015.
Green joined Thomas Cook two years ago when the company’s share price had fallen to 14 pence and it had a market capitalisation of £148 million. Her remit was to transform the company, placing it on a sound financial footing with a solid operational team able to compete in the consumer travel market.
"We emerge from Harriet’s transformation stronger, with a clear strategy, world-class leadership team, updated brand, and a renewed focus on the customer"
Green’s replacement, Peter Fankhauser has held a number of senior roles over the last 13 years at Cook, and was promoted to chief operating officer in November 2013, “in recognition”, Cook said, “of his success in turning around the UK business”.
He will be supported by Michael Healy, who will continue to serve as group financial officer and Christoph Debus, chief air travel officer.
Commenting, Fankhauser said: “I feel very honoured to be leading this business which means so much, to so many people. I am determined to work with all our great colleagues worldwide to build on Harriet’s achievements, continuing to deliver great holidays for consumers and good returns for investors.”
Fankhauser has pledged that there will be “no change” to the Thomas Cook strategy following Green’s departure.
Frank Meysman, chairman of Thomas Cook added: “Harriet has had a highly positive impact on this company. We emerge from her transformation stronger, with a clear strategy, world-class leadership team, updated brand, and a renewed focus on the customer. The succession plan she devised will now take effect and the new chief executive, Peter, will drive the company forward as we focus on winning the commercial battle against other operators.”
