Boss quits struggling travel firm Thomas Cook
Thomas Cook's chief executive has dramatically resigned following a disastrous year for the holiday giant.
Manny Fontenla-Novoa, who took the helm in 2007 after a merger with MyTravel, presided over three profit warnings in the last year as the firm struggles to turn around its UK business.
It is understood Mr Fontenla-Novoa accepted responsibility for the poor performance in the UK, resulting in his resignation.
Europe's second largest travel firm said deputy chief executive Sam Weihagen will run the business until a new chief executive is found.
Mr Fontenla-Novoa joined the group in 1996 after it acquired SunWorld, a business he founded and the UK's fourth largest travel operator at the time.
He said: "Thomas Cook and its people have a sound heritage and I have been proud to have been part of the company."