Thomas Cook’s finance chief packs his bags
PAUL Hollingworth is to step down as finance director of Thomas Cook, in a fresh blow which leaves the struggling tour operator in search of two top executive roles.
City A.M understands that Hollingworth, who was hired as chief financial officer in January 2010, approached the board some time ago but agreed to stay with the company until its refinancing was complete.
The company yesterday said it had agreed a refinancing package with lenders worth £1.4bn, giving the company a further three years of breathing space with its debts.
A succession plan has already been put into place and a new finance chief could be announced as soon as this week, sources familiar with the situation said. Thomas Cook refused to comment yesterday.
Hollingworth’s shock departure comes as the travel firm continues to look for a new chief executive, after a disastrous 2011 led to the exit Manny Fontenla-Novoa in August.
The former chief executive received a £1.17m payoff despite presiding over a spate of profit warnings, which led to a bailout by its banks in December.
News of the firm’s refinancing deal with its syndicate of 17 lenders sent shares up 2.5 per cent yesterday.
But analysts warned that the deal came at a “hefty price”, with banks charging a £14m fee.
The debt-laden group said its continued disposal plans were “proceeding well”, including the selling and leaseback of its aircraft.