Monarch Group chief executive Conrad Clifford has unexpectedly stepped down from his role after less than 18 months and will leave the company.
Clifford's departure was announced this morning, with Monarch saying the process to find a replacement is underway.
Monarch executive chairman Iain Rawlinson will assume responsibility for the group with the managing directors of Monarch Airlines and Monarch Travel Group companies, including Cosmos, reporting to him.
In a statement, Rawlinson said: “On behalf of the shareholders I would like to thank Conrad for the contribution he has made to the group this last year. He leaves with our very best wishes for the future.
"We are already engaged in the process of finding a replacement, with a strong focus on the airline growth plan, and unlocking the full benefits of Monarch being a unified travel group."
Rawlinson said Monarch had made "a satisfactory start to the new financial year, with the performance of our three operating divisions in line with the business plan”.
Clifford was not available for comment.
Monarch announced a £75-million refinancing in November 2011 and announced plans to develop its scheduled airline and expand its fleet and route network.
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