Thomas Cook appoints new CFO

Thomas Cook, the struggling package tour operator, has appointed Michael Healy as its new Chief Financial Officer.

The current CFO, Paul Hollingworth, has decided to step down following the group's desperate, but ultimately successful, raising of long-term financing.

Healy, formerly Group Finance Director of Kwik-Fit, will join Thomas Cook on May 14th, and take over from Hollingworth on July 1st.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

His brief is to reduce risk at Thomas Cook, which has been weighed down by debts and profit warnings.

The group's Chairman, Frank Meysman said: "The Board is immensely grateful to Paul for the benefit of his experience and commitment and we are disappointed to be losing him. He has worked tirelessly to bring stability to the Group, enabling us to secure longer term bank facilities and provide a stable platform from which to build. He leaves with our very best wishes for the future.

"I am delighted that I am able to announce such a strong successor in Michael Healy. Michael is a highly successful executive with the ecommerce, restructuring and extensive public company experience we need to take the Group forward."

Thomas Cook shares had risen 0.6% by 12:01. In the last 12 months the stock has lost 87% of its value.

BS