Following media reports this morning that the CNG Travel Group had suspended its CEO Finbarr Power, the group said in a statement this lunchtime that Mr Power has resigned from the company.
The statement said that Mr Power had resigned as both CEO and a director of the company. It said he had left CNG to pursue other interests, including the possible acquisition of the business to consumer B2C leisure division of the company.
Just last week, CNG had warned that poor performances in its leisure division and its Travel Lodging Connector business would hit earnings this year. The company said it had decided to exit from the business to consumer leisure sector as it no longer matched its strategic objectives.
Mr Power founded the company and led it to flotation on the London Stock Exchange's Alternative Investment Market last year.
PJ King, currently the company's Chief Operating Officer, has been appointed as acting CEO.
Shares in CNG were down 7% at 28p in London this evening.
