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Thomas Cook chief quits

November 26, 2014

Shares in the British travel company Thomas Cook have plunged on the surprising news that its chief executive would be stepping down. CEO Harriet Green said she had accomplished her mission and that it was time to go.

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Thomas Cook logo
Image: picture alliance/dpa

Green said Wednesday she was leaving the 173-year-old company after just two years at its helm.

Green was brought in to restructure the firm after it was forced to resort to 200 million pounds ($314 million, 252 million euros) in survival assistance from its partner banks.

"I always said I would move on to another company with fresh challenges once my work was complete," Green said in a statement. "That time is now."

Green will be replaced by Chief Operating Officer Peter Fankhauser.

Tough market environment

Green managed to transform a failing tour operator into a solid company by cutting costs. She closed a large number of shops, reduced Thomas Cook's air fleet and sold hotels.

The company was recently worth 2 billion pounds, up from the mere 148 million pounds it was valued at in July 2012.

Shares in Thomas Cook lost more than 20 percent of their value in Wednesday morning trading, following Green's surprise move. But analysts said the plunge was primarily due to the company having posted a pre-tax loss of 114 million pounds for the year to the end of September.

The firm had warned the depressed state of the travel market, particularly in Germany and France, would make trading conditions difficult in the years ahead.

hg/cjc (dpa, AP)