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British holiday company Thomas Cook said its chief executive Harriet Green was stepping down, two years after leading a turnaround of the group.
Warning that its pace of growth would moderate next year to reflect a tougher trading environment, Thomas Cook said that Green would be replaced by chief operating officer Peter Fankhauser with immediate effect.
The shares of Thomas Cook slumped as the market reacted negatively to this news and a warning from the holiday company that its pace of growth would slow in 2015 to reflect tougher trading backdrop.
The stock fell 23 per cent, biggest loser on STOXX 600 by some margin, suffering its largest percentage drop since March 2012 before Green took the control.
The CEO change came as the company reported a 44 per cent jump in earnings before interest and tax (EBIT) to £323 million ($507.43 million) for the year ended September, broadly in line with a Thomson Reuters consensus forecast of £320 million pounds.
Since CEO Harriet Green joined 2.5 yrs ago, Thomas Cook has been put on a more sound financial footing, reported strong profits growth and had seen a 900 per cent share price rise
(1 US dollar = 0.6365 British pound)
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