LONDON (dpa-AFX) - Shares of Thomas Cook Group Plc (TCG.L, TCKGY.PK) rose about 10 percent Thursday on the London Stock Exchange after the troubled tour operator appointed Harriet Green as its new Chief Executive Officer succeeding Sam Weihagen, effective July 30.
Green is currently CEO of British electronic components distributor Premier Farnell Plc (PFL.L) as well as a non-executive director of BAE Systems plc and Emerson Electric Co.
In a separate statement, Premier Farnell said it appointed its Chief Operating Officer Laurence Bain to succeed Green in the top role, effective June 12. Green, who has been CEO of Premier Farnell since 2006, will leave the company on July 29. Bain joined the company in July 2002 and became a member of the Board in July 2003.
Premier Farnell pointed out that Nicholas Cadbury, chief financial officer, will work closely with Bain to support him in his new role and will assume some of the responsibilities currently undertaken by Bain.
Thomas Cook noted that the resigning CEO Weihagen, who has been in the role since August last year, will remain with the firm until September 30 to ensure a seamless transition. Chairman Frank Meysman said Weihagen provided the Group with the benefit of his experience through a difficult period, putting the Group on a firmer footing.
Thomas Cook added that its new CEO has extensive experience of driving business transformation and change program. At Premier Farnell, she has overseen a period of significant strategic change, driving industry leading returns and creating a cost-effective multi-channel operation where the majority of business is now transacted through ecommerce channels.
Harriet Green commented, 'Thomas Cook is an iconic brand in the leisure travel industry. I am very excited to be joining the team at this time, to lead the business forward as we rebuild shareholder value through innovation and a sustained focus on the needs of our customers, suppliers and employees.'
Thomas Cook, which experienced financial turmoil due to slow holiday period and continuing economic worries, in early May appointed Michael Healy as its Chief Financial Officer after Paul Hollingworth decided to step down from the role at the end of June 2012 following the successful completion of longer term financing.
Last November, Thomas Cook shares lost 75 percent of their value on a single day after the company said it will seek lenders to rescue it from its financial troubles. In early May, the firm again warned that it continues to expect this year to be challenging given the economic backdrop and difficult trading environment.
In its recent update on trading, Thomas Cook reported then a wider seasonal loss from operations before items for the six months to March 31 reflecting the continued difficult trading conditions being experienced in most of its markets.
In London, Thomas Cook shares are currently trading at 20 pence, up 1.75 pence or 9.59 percent, and Premier Farnell shares are at 171.20 pence, up 0.60 pence or 0.35 percent.
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© 2012 AFX News
