Oct 23, 2019

Former Thomas Cook bosses defend roles at failed group

Former Thomas Cook chief executive Manny Fontenla-Novoa has defended his tenure at the travel group, saying that he still feels he "Got the major decisions right". Some executives from that period have stated that he was "Over promoted" and that his fondness for dealmaking saddled Thomas Cook with the high debt levels that were a significant factor in its collapse. Mr Fontenla-Novoa said he "Fundamentally disagreed" that traditional package holidays were dead, adding that rivals such as Jet2 and OnTheBeach had grown strongly as Thomas Cook reduced its capacity. Bill Scott, the company's former finance director, faced repeated questions about why Thomas Cook had not written down the carrying value of goodwill at an earlier stage. As has been the case throughout the committee's deliberations, the hearing was attended by pilots and cabin crew in Thomas Cook uniforms.

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