Thomas Cook’s chief executive has resigned following a disastrous year for the holiday giant.
Manny Fontenla-Novoa took over in 2007 after Thomas Cook merged with MyTravel. Since then he has presided over three profit warnings in the last year as the firm’s UK business continues to struggle.
It is believed he accepted responsibility for the poor performance in the U.K , ultimately resulting in his resignation.
Europe’s second largest travel firm said deputy chief executive Sam Wehagen will run the business until a new chief executive is found.
Mr Fontenla Novoa joined Thomas Cook in 1996 after they brought his own travel operating company SunWorld.
He said.
” Thomas Cook and its people have a sound heritage and I have beeproud to have been part of the company.”
Thomas Cook’s latest profits warning last month showed profits would be some £60 million below expectations, stemming from the turmoil in the Middle East and North Africa as well as a squeeze in UK consumer spending and rises in fuel prices.
One theory that explains Thomas Cook’s demise in the UK is that the British public are choosing to holiday in England , rather than spending a fortune on foreign holiday’s, the British public are opting for a week in a Scarborough hotel.
The group has confirmed it is in the middle of a strategic review of its UK business as it looks at the mix of holidays it offers and the utilisation of its airline feet.
