Business

Thomas Cook parting company with second senior figure

Thomas Cook sign
Image caption Thomas Cook has issued three profit warnings in a year in the face of tough trading conditions

Thomas Cook is parting company with another senior figure, a week after its former chief executive resigned.

The troubled travel company said the head of its UK retail division, Ian Derbyshire, was leaving to take the helm at his family's business.

Former boss Manny Fontenla-Novoa left after the firm issued its third profit warning in a year. He has been replaced by his former deputy, Sam Weihagen.

Thomas Cook has been hit by the downturn in consumer spending.

This has meant fewer people taking foreign holidays, especially among its core customer base of young families.

It has also been affected by the turmoil in the Middle East and North Africa.

Thomas Cook, Europe's second-biggest tour operator, said Mr Derbyshire had made the decision to depart earlier in the year, but agreed to stay on until the company's plans to merge its high street stores business with Co-Op Travel were completed.

The merger was given preliminary approval by the Competition Commission last month.

Thomas Cook is now continuing with a strategic review of the company.

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