Struggling holiday operator names new chairman to tackle slump

Europe’s second biggest tour operator has endured a torrid year with the tough trading environment in Britain and unrest in the Middle East and North Africa leading to a series of profit warnings and the departure of veteran chief executive Manny Fontenla-Novoa.

Mr Meysman said: “The group faces a number of significant challenges.

“But in the medium to longer-term we will be well positioned to build shareholder value on the back of premium brands and a fine heritage in the UK as well as internationally.”

The 170-year-old company is still searching for a new chief executive following Mr Fontenla-Novoa’s departure in August.

Mr Meysman was executive vice chairman of US food and beverage giant Sara Lee between 1997 and 2003.

He has also served as a non-executive director, including chairman, of a number of private and public companies, Thomas Cook said in a statement.

Shares in Thomas Cook, which recently hit an all-time low after losing over 80 per cent of their value since January, closed up 0.65 per cent last night to 41.62p.

Analyst Douglas McNeil, at Charles Stanley, said: “In the circumstances, it wouldn’t have been surprising if the search for a new chairman had dragged on for some months yet. So it’s good to see it sorted out, so that the search for a new chief executive can begin in earnest.”