- LONDON: Shares in Thomas Cook, one of Britain’s largest tour operators, have jumped 5 percent after the company announced that its chief executive officer is stepping down.
The company said Manny Fontenla-Novoa is stepping down with immediate effect.
The company has issued three profit warnings in the last year and is struggling to improve its UK business.
Fontenla-Novoa became chief executive in 2007.
His deputy Sam Weihagen will take charge until a permanent replacement is found.
Thomas Cook said in a statement accompanying news of Fontenla-Novoa’s resignation that it expects to meet its full year operating profit forecasts of 320 million pounds ($524 million), the targets mentioned in its last warning.