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On the Beach finance chief quits for other business interests
On the Beach Group chief financial officer Paul Meehan has resigned.
The OTA said Meehan, who joined the group in January 2017, had decided ‘to pursue other business interests’.
The company said he ‘had made a significant contribution to the Group’s success and growth’, including the acquisitions of Sunshine.co.uk and Classic Collection, the recent 67 million share placing and negotiating a £25 million CLBILs loan.
He will step down as CFO on July 17, but will still be available ‘when and if appropriate’ during the coming months.
Shaun Morton, the Group’s finance director, will be promoted to chief financial officer and will join the Board as a director on July 17.
Morton joined the Group in in February 2018 and has worked alongside Meehan throughout his tenure, said OTB.
"Shaun was heavily involved in dealing with the failure of Thomas Cook, the acquisition of Classic Collection and the delivery of the Group’s recent share placing and CLBILS facility.
"The Group has rigorous succession plans in place, and Shaun was identified as a natural successor to Paul and as such, Paul has invested in developing and preparing Shaun to take on the role of CFO," it added.
Prior to joining On the Beach, Morton occupied senior finance roles at Deloitte, Asda and most recently Ghd Hair, the consumer hair products business, where he was the director of finance for the Group.
CEO Simon Cooper said: "I would like to take this opportunity, on behalf of the Board, to thank Paul for his three and a half years with On the Beach, during which time we have successfully completed two acquisitions and, most recently, a £67m placing of new shares. I wish him all the best with his future endeavours."
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Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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