Thomas Cook shares jump as chief exits
Thomas Cook Group, Europe's second largest tour operator, said CEO Manny Fontenla-Novoa is stepping down, sending shares up as much as 8pc in London trading.
Sam Weihagen, currently deputy CEO, will run the company on an interim basis with immediate effect, and the group is seeking to identify a new top manager, London-based Thomas Cook said in a statement yesterday.
Thomas Cook stock had been dropping since July 12, when the company cut its full-year profit forecast because of political unrest in North Africa and a squeeze on consumer spending in the UK.
The tour operator yesterday reiterated the target of about £320m (€367m) in so-called underlying operating profit for the year through September.
"The shares have fallen a long way in recent weeks and the current share price may represent an attractive entry point for those funds with appropriate risk appetite," Wyn Ellis, an analyst at Numis Securities in London, said in a note yesterday.