Thomas Cook finance chief to step down

Thomas Cook finance chief to step down

Thomas Cook has confirmed its finance chief Paul Hollingworth is leaving the company at the end of June after just two years.

The departure of the group’s chief financial officer was announced this morning and he will be succeeded by Michael Healy (pictured right), formerly group finance director of Kwik-Fit.

The departure of Hollingworth comes despite shares in the group rising up to 18% yesterday following the announcement its £1.4 billion financing package at the weekend.

Frank Meysman, Cook chairman said: “The board is immensely grateful to Paul for the benefit of his experience and commitment and we are disappointed to be losing him.

“He has worked tirelessly to bring stability to the group, enabling us to secure longer term bank facilities and provide a stable platform from which to build.  He leaves with our very best wishes for the future. 

“I am delighted that I am able to announce such a strong successor in Michael Healy. Michael is a highly successful executive with the ecommerce, restructuring and extensive public company experience we need to take the group forward.

“The Board has every confidence in his ability to provide the group with strong financial leadership going forward.”

The Financial Times, which did not report about Hollingworth’s successor, described the move as a blow to the group as it continues its search for a new chief executive, following the departure of Manny Fontenla-Novoa in August.

Healy will join Cook on May 14 ahead of formerly taking over on July 1 to ensure an orderly handover, a Cook statement said.

Prior to joining Kwik-Fit, Healy was finance director and chief operating officer of the Hong Kong listed First Pacific Company Limited and subsequently was the finance director of ebookers.

He is a member of the Institute of Chartered Accountants of Scotland. Cook shares ended the day closing up 2.4% at 21.5p.



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