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05/12/2003
MyTravel Group Chief Executive steps down
Troubled tour operator MyTravel Group has announced that Duncan Wilson has resigned from the board and as Chief Executive of MyTravel UK and Ireland.
In a statement MyTravel said that Mr Wilson would be stepping down "with immediate effect" and that Philip Jansen, the Group's Chief Operating Officer, will take direct charge of the company's business portfolio in the UK and Ireland.
Reporting to Chief Executive Peter McHugh, Duncan Wilson will continue to be employed by the company for a unspecified period to help "ensure an effective management transition and provide expertise to the tour operating and travel agency distribution businesses".
MyTravel Group chief executive Peter McHugh said: "I am pleased that in Duncan's new position we will continue to be able to draw on his long experience of the travel industry. Philip Jansen has a pivotal role to play in the turnaround of MyTravel and it is appropriate that he should have 'hands on' control of the core UK business."
MyTravel Group Chairman Eric Sanderson said: "Duncan joined the board in January 2002 and has seen MyTravel in the UK through a particularly difficult time.
"Having begun the process of restructuring the UK charter and distribution business, Duncan feels his current role has come to a natural conclusion and the board accepts that it is the appropriate time for him to move on. We are grateful to Duncan for the contribution he has made to the Group in extremely tough conditions."
MyTravel issued a second profit warning in three months in November and expects to reveal a loss in the second half-year figures.
In September this year, MyTravel's creditors agreed to a rescheduling of the company's £222 million debt. The company has sold off major portions of what has been declared as non-core business.
(SP)
In a statement MyTravel said that Mr Wilson would be stepping down "with immediate effect" and that Philip Jansen, the Group's Chief Operating Officer, will take direct charge of the company's business portfolio in the UK and Ireland.
Reporting to Chief Executive Peter McHugh, Duncan Wilson will continue to be employed by the company for a unspecified period to help "ensure an effective management transition and provide expertise to the tour operating and travel agency distribution businesses".
MyTravel Group chief executive Peter McHugh said: "I am pleased that in Duncan's new position we will continue to be able to draw on his long experience of the travel industry. Philip Jansen has a pivotal role to play in the turnaround of MyTravel and it is appropriate that he should have 'hands on' control of the core UK business."
MyTravel Group Chairman Eric Sanderson said: "Duncan joined the board in January 2002 and has seen MyTravel in the UK through a particularly difficult time.
"Having begun the process of restructuring the UK charter and distribution business, Duncan feels his current role has come to a natural conclusion and the board accepts that it is the appropriate time for him to move on. We are grateful to Duncan for the contribution he has made to the Group in extremely tough conditions."
MyTravel issued a second profit warning in three months in November and expects to reveal a loss in the second half-year figures.
In September this year, MyTravel's creditors agreed to a rescheduling of the company's £222 million debt. The company has sold off major portions of what has been declared as non-core business.
(SP)
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11 December 2003
MyTravel sails into a £911m loss
Struggling holiday firm MyTravel, formerly Airtours, reported overall losses of £911 million following a worse than expected trading year. In the year to September 30, the tour operator unveiled an operating loss of £358 million and a £359 million write-off of key assets that contributed to an exception items total of £473 million.
MyTravel sails into a £911m loss
Struggling holiday firm MyTravel, formerly Airtours, reported overall losses of £911 million following a worse than expected trading year. In the year to September 30, the tour operator unveiled an operating loss of £358 million and a £359 million write-off of key assets that contributed to an exception items total of £473 million.
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