Sep 23, 2019

Thomas Cook management faces probe over collapse

Thomas Cook's management will be investigated by a UK government-backed probe into the travel group's collapse, as holidaymakers flooded international airports on Monday to queue for rescue flights. Chief executives at Thomas Cook took home £18.7m worth in pay in the past 10 years, according to FT calculations from annual reports, with the current CEO Peter Fankhauser earning about £8.5m in his near five-year tenure. As the government declined to save the company, Thomas Cook negotiated for extra cash from a group of Spanish hoteliers, according to people familiar with the situation, but a final deal could not be reached. A spokesperson for Unison, which represents Thomas Cook's airline staff, said the collapse was "An act of economic vandalism" by the UK government. In Greece alone, 50,000 holidaymakers were stranded, while Spain's industry ministry said that around 114,000 passengers, mostly foreign tourists, were due to travel on Thomas Cook flights to and from Spain over the next 15 days.

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