Belfast Telegraph

Ex-Thomas Cook chief gets £1.1m

By Jamie Grierson

The former chief executive of Thomas Cook received £1.17m from the company after he resigned, despite the group's deteriorating performance under his watch.

The holiday giant's annual report revealed Manny Fontenla-Novoa received the payout on top of the £1.19m earned in his last year of employment until he resigned in August following a string of profit warnings.

The £1.17m payment consisted of salary, pension allowance and benefits, and was owed to Mr Fontenla-Novoa in accordance to his contract terms.

After Mr Fontenla-Novoa resigned, Thomas Cook fell on even harder times, culminating in a cry for help to its lenders and a decision to axe some 200 shops and cut hundreds of jobs as it moves to save the business.

Elsewhere, the report reveals that interim chief executive Sam Weihagen, who was set to retire, was awarded an annual salary of £750,000 with a potential annual bonus of £1.3m if he successfully gets the business back on track.

Thomas Cook, which has 1,300 shops, has set out a turnaround plan, including focusing on fewer and better quality hotels and a drive for more online bookings.

Belfast Telegraph