The departure of Thomas Cook chief executive Manny Fontenla-Novoa will not affect the retail merger with The Co-operative Travel and Midlands Co-operative.
The Co-operative Travel group reaffirmed its commitment to the merger today following the announcement that Fontenla-Novoa would no longer head Thomas Cook.
A spokesman for the Co-operative Group said: “Today’s announcement from Thomas Cook is a matter for the company’s management and has no bearing on the proposed joint venture.
“All parties involved in the joint venture remain committed to it and are working towards a successful outcome, based on the final announcements from the Competition Commission which are expected shortly.”
The Competition Commission gave the merger a provisional go-ahead on July 21 and is expected to issue final clearance later this month. The deadline for it to do so is in October.
Fontenla-Novoa’s interim replacement Sam Weihagen was deputy chief executive at the time the joint venture was negotiated.
The merger would create a chain of more than 1,200 high street shops plus franchise outlets and home workers.
Fontenla-Novoa has repeatedly defended the retail tie-up between the companies since it was announced last October. However, the deal has been queried both within the travel sector and in the City.
This is a community-moderated forum.
All post are the individual views of the respective commenter and are not the expressed views of Travel Weekly.
By posting your comments you agree to accept our Terms & Conditions.