Martha Lane Fox to quit Lastminute

Martha Lane Fox is to stand down as managing director of Lastminute.com – the company she helped found – it was announced today. The news came as it was revealed that the online retailer made annual profits well below analyst’s expectations. The online travel firm made a full-year profit of just £200,000 – albeit compared to a £16.2million loss the year before. Total transaction value (TTV) at £552.4million – although up 125% on the year before – was still short of analyst’s forecasts. By 0940 this morning Lastminute shares had slumped by 9.25% to 272.75pence and looked likely to fall further. Shares in Lastminute had already fallen yesterday – apparently because of a negative BBC Watchdog programme. Ms Lane Fox founded Lastminute with Brent Hoberman five years ago. She will stand down at the end of the year, but will stay with the company as a non-executive director and major shareholder. Ms Lane Fox will be replaced as managing director by Ian McCaig who was appointed chief operating officer in August. Commenting on her decision, Ms Lane Fox said: “It has always been my ambition to see the Group deliver a full year of profitability.  Now this has been achieved, it is the right time for the business and the right time for me to explore other challenges.  I am delighted to be continuing to help grow this exciting business from my new role as a non-executive director.”