|IN: Peter Frankhauser|
|OUT: Harriet Green|
Sources suggest that Green was aware that she heading for an exit and would depart within six months as part of a gradual handover. She wasn't aware say industry sources that Meysman would remove her almost immediately. According to Twitter Harriet Green will get six months pay, and depending on future performance of the business, around £7m worth of shares as part of her exit package. Commentators point out that the usual vote of thanks to the outgoing CEO was missing from the somewhat initial starchy press notice which concentrated on the incoming Frankhausers more traditional travel industry experience.
Before becoming COO, Frankhauser was in charge of Thomas Cook’s U.K. and continental European operations. Green had held the CEO role for two years,
The company’s loss after tax was £115 million ($180.7 million) for the year ended Sept. 30, compared with a loss of £213 million a year earlier, Thomas Cook reported in a separate statement.
Sales fell almost 8 percent to £ 8.5 billion
The shares were down 23 percent at 106 pence as of 8:34 a.m. in London
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