Thomas Cook's chief executive has resigned following a disastrous year for Europe's second-largest travel firm.
Manny Fontenla-Novoa, who took over four years ago, has presided over three profit warnings in the last year linked to unrest in key holiday destinations Egypt and Tunisia and a poor performance in Thomas Cook's British division.
It is believed Fontenla-Novoa agreed to stand down after accepting responsibility for the poor performance in Britain.
Deputy chief executive Sam Weihagen will run the business until a new chief executive is found.
Fontenla-Novoa joined the group in 1996 after it acquired SunWorld, a business he founded.
Confirming his resignation, he said: ‘Thomas Cook and its people have a sound heritage and I have been proud to have been part of the company.’
Thomas Cook's latest profit warnings last month showed it expected full-year 2011 operating profits of £320 million (363 million euros, $506 million), compared with 2010's £362.2 million.
On Wednesday, Thomas Cook said it remained on track to meet its profit target.
Shares in the company, which have lost two-thirds of their value this year, were up more than 5% to 63.90 pence following the announcement of Fontenla-Novoa's departure.
