Travelzest terminates contract of chief executive

Travelzest terminates contract of chief executive

Travelzest has terminated the contract of chief executive Jonathan Carroll a day after a former director called for him to he ousted.

Ex-director Mark Molyneux, who holds about 10.72% of shares in the operator, yesterday called for a general meeting of shareholders to consider the removal of Carroll as a director.

The company announced this morning that Carroll’s contract has been terminated.

A statement to the Stock Exchange said: “Mr Carroll will cease to act as chief executive officer and employee of the company and all its subsidiaries with immediate effect. A further announcement regarding his position as a director will be made in due course.”

Group finance director Adrian Cobbold will assume responsibility for the day-to-day operations of the business in the short term.

He will be supported by non-executive chairman Christopher Howell, fellow director Nigel Jenkins and the rest of the board.

“The company continues to be run in line with the board's stated strategy,” the statement said.

Travelzest, which won a reprieve from its major lending bank Barclays last week to continue supporting the company until August 30, had planned to convene a general meeting as a result of call by Molyneux.

Interim results for the six months ended April 30 are expected to be released by the end of the month when a further update on the company's trading and debt position is due.

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