Fairfax Financial Holdings Ltd (FFH): Thomas Cook CEO abruptly leaves

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Thomas-Cook

Thomas Cook India Ltd (BOM:500413) announced that, Harriet Green has been replaced as Chief Executive Officer. Harriet Green had been credited with reviving the world’s oldest travel company. Green will be replaced by Peter Fankhauser, a company insider, immediately.

Fankhauser indicated he would build on Green’s achievements and Chairman Meysman described Fankhauser as an experienced travel industry executive who knows not just how to sell holidays but how to make money. Fankhauser is Swiss-Born and has 20 years of experience in the travel industry and over a decade with Thomas Cook.

Fairfax Financial Holdings Ltd (TSE:FFH)(OTCMKTS:FRFHF) owns 73% of Thomas Cook India according to its latest interim report.

Green joined the company in July 2012 and has presided over a gain in market value from 148 million  pounds ($233.6 million) to just under 2 billion pounds ($3.16 billion).

Company warned of slowing growth and tougher environment

The company warned that grow would slow to a more moderate pace in 2015 and reflect a tougher environment.

Chairman, Frank Meysman attempted to explain the departure with comments that Green had always intended on leaving the company at some stage in the process.

Harriet Green had been in the midst of a plan to improve profit by as much as 500 million pounds between 2012 and 2015 and had targeted expense reductions of 10 percent of the group’s cost base by 2018. Net debt has fallen from 800 million pounds to 100m-150m pounds.

Company recently announced Full Year Earnings

On Wednesday, the company reported a 44 percent jump in earnings before interest and tax, to $507.4 million or 323 million pounds, for the year ended in September.

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