Reuters - Video

Edition: US | UK | IN | CN | JP

Video

Holiday firm hit by shock CEO exit

Wednesday, November 26, 2014 - 01:27

The chief executive at the world's oldest holiday company has departed abruptly sending shares tumbling. As Hayley Platt reports Harriet Green had been credited with reviving Thomas Cook.

▲ Hide Transcript

View Transcript

She's been instrumental in helping turnaround the fortunes of British holiday firm Thomas Cook. Now after just two years in the top job, Harriet Green is leaving. She says her work at the world's oldest travel company 'is complete'. And she always maintained she would "...move on to another company with fresh challenges when that day came..." Her abrupt departure shocked investors causing the stock to plunge 23 percent. Green joined Thomas Cook when shares were just 14 pence. Earlier this year they topped £1.80, and had risen 19% in the past month. It was an impressive revival for a historic company which was close to extinction in 2012. But there are now worries it may not be able to sustain its position. The euro zone crisis, currency weakness and political turmoil in resorts such as Greece, Egypt and Tunisia have hurt many holiday firms. Green responded by closing hundreds of Thomas Cook shops and hotels to cut debt and restore investor confidence. Profits improved by as much as 500 million pounds after she took charge And full-year results showed a 44 percent jump in earnings before interest and tax. Green who had no previous industry experience has handed over to the company's chief operating officer. He must now deal with the warning of tougher trading times ahead.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Holiday firm hit by shock CEO exit

Wednesday, November 26, 2014 - 01:27