5 HOT STORIES NEWS YOU NEED TO KNOW THIS WEEK


This week’s top stories: 1. Green leaves Cook 2. APD for kids to end? 3. Aito on regulation 4. Freedom gets trust 5. Sun launches deals


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Harriet Green’s departure sends shockwaves through industry Lee Hayhurst


Industry chiefs expressed surprise at the departure of Thomas Cook boss Harriet Green last week and her claim that her work at the travel giant was “complete”. Green shocked the industry by announcing she was standing down with immediate effect as Cook revealed full-year earnings up 44%, while warning about the outlook for 2015. Speculation that Green’s departure


was not of her choosing was heightened by recent high-profile interviews in which she suggested there was much still to do at Cook. Richard Calvert, former Cook mainstream managing director, said: “A lot of good work has been done in rebuilding Thomas Cook. But there is still a tremendous amount to do.” Former Tui Travel managing director Dermot Blastland said: “You don’t fix a company the size of Cook in 24 months.” Green won praise for the impact she has had at Cook, a firm that was in financial crisis when she joined in July 2012 – its share price languishing at 14p. Green saw it recover towards 200p,


4 • travelweekly.co.uk — 4 December 2014


although it fell 20% on the day she quit and has since settled at about 125p. In a statement, Green said: “I always said that I would move on to another company with fresh challenges once my work was complete. That time is now.” Former Abta chairman John McEwan said: “She’s done a fantastic job rebuilding confidence with the City, but another year would have cemented it.” Roger Allard, chairman of All Leisure


Group, said: “It’s unusual for a chief execu- tive to leave overnight, but she always said she would only be there for two years. I expect she has other irons in the fire.” Green has been linked to other


high-profile retail roles, her reputation enhanced as a turnaround expert. In its end-of-year trading report, Thomas Cook said pre-tax losses were cut from £213 million to £115 million. But it said a tougher trading environment for 2015 would see more measured growth. Chief operating officer Peter


Fankhauser has been confirmed as Green’s successor. ❯ Special Report, page 10 ❯ Letters, page 34


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