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Byrne to leave MyTravel
Tim Byrne is leaving My Travel following the profit warning last week.
A spokesperson for the company told TravelMole: “Following discussions with shareholders and investors, we decided that the best thing to do for the company was for Tim to call it a day”.
MyTravel founder and chairman, David Crossland, will take over as chief executive until a replacement is found. Mr Crossland, who was due to retire in November, was the subject of much speculation in the financial press over the weekend, as analysts in the City urged him to stay on to help steer MyTravel through the bad patch.
Mr Crossland had previously supported Mr Byrne, but said he now accepts his decision. He said: “Tim has made a major contribution to MyTravel over many years. He delivered record profits in his first year as Group chief executive and in the last 12 months has led the Company through the industry’s most difficult trading environment in recent memory. It is with regret that we have reached this mutual decision and I thank Tim for his leadership in creating the MyTravel brand and putting the Group in a market leading position in the UK.”
The operator altered its forecast last week, taking £15 million off profits, which it blamed on a change in accounting methods. In response the share price plummeted.
Eric Sanderson, due to take over from Crossland will remain non-executive chairman. David Jardine, group finance director, and Philip Jansen, chief executive Europe, will stay on, reporting directly to Mr Crossland.
Read our previous stories:
30-Sept-2002 MyTravel issues profit warning despite positive bookings
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