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Thomas Cook chief Harriet Green in shock departure Thomas Cook chief Harriet Green in shock departure
(35 minutes later)
Thomas Cook’s chief executive, Harriet Green, has quit abruptly after just two years in the job, during which she was credited with bringing the tour operator back from the brink of bankruptcy.Thomas Cook’s chief executive, Harriet Green, has quit abruptly after just two years in the job, during which she was credited with bringing the tour operator back from the brink of bankruptcy.
In a statement to the stock exchange, Thomas Cook said Green had left with immediate effect and that Peter Fankhauser, the chief operating officer, had taken over.In a statement to the stock exchange, Thomas Cook said Green had left with immediate effect and that Peter Fankhauser, the chief operating officer, had taken over.
Her sudden departure shocked the City, and will also unsettle shareholders in the group. It came as Thomas Cook warned that trading had become more difficult and that growth would be slower in the current financial year.Her sudden departure shocked the City, and will also unsettle shareholders in the group. It came as Thomas Cook warned that trading had become more difficult and that growth would be slower in the current financial year.
Shares in the group crashed 22%, to 107p, wiping more than £400m from the group’s stock market value.
Chris Beauchamp, market analyst at IG, said: “Investors will be right to ask questions over how her departure will affect the turnaround plan, so expect much of the price reaction today to be in connection to this.”Chris Beauchamp, market analyst at IG, said: “Investors will be right to ask questions over how her departure will affect the turnaround plan, so expect much of the price reaction today to be in connection to this.”
He added that the warning on more moderate growth next year “is a sign that the easy bit has been done”.He added that the warning on more moderate growth next year “is a sign that the easy bit has been done”.
Green joined the travel firm from Premier Farnell, the engineering company, when Thomas Cook’s market value was £148m. After she slashed 2,500 jobs, revamped the management team and increased sales through smartphones and tablets, the company said it was now on a firm financial footing with a market value of about £2bn.Green joined the travel firm from Premier Farnell, the engineering company, when Thomas Cook’s market value was £148m. After she slashed 2,500 jobs, revamped the management team and increased sales through smartphones and tablets, the company said it was now on a firm financial footing with a market value of about £2bn.
Green, one of the few female chief executives of a leading UK public company, said: “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, one of the few female chief executives of a leading UK public company, said: “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.”
Her departure was announced as Thomas Cook posted an annual pretax loss of £115m, down from £213m a year earlier. Earnings before interest and tax rose 44% to £323m.Her departure was announced as Thomas Cook posted an annual pretax loss of £115m, down from £213m a year earlier. Earnings before interest and tax rose 44% to £323m.