New finance chief for city-based travel giant

TROUBLED travel giant Thomas Cook has announced the appointment of a new finance boss - just days after securing a £1.4billion loan from its banks.

The Bretton based firm, which employs about 1,600 people in Peterborough, has recruited motor repair giant Kwik-fit’s group finance director Michael Healy as Thomas Cook’s chief finance officer.

The move comes after Thomas Cook’s former chief finance officer Paul Hollingworth announced that he will step down from the board at the end of June.

A Thomas Cook spokesman said that his replacement will take over as group chief finance officer and join the board of directors on July 1 however he will join the group on Monday to ensure an orderly handover.

Mr Healy was formerly group finance director of Kwik-fit and played a key role in implementing a business development plan to reduce financial risk.

Prior to joining Kwik-fit, Mr Healy was finance director and chief operating officer of the Hong Kong-listed First Pacific Company and was the Finance Director of ebookers plc.

Thomas Cook chairman Frank Meysman said: “The board is im- mensely grateful to Paul Hollingworth 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.

challenge: Michael Healy