A board shake-up at Cheapflights has seen founder and CEO step down to become vice-chairman.
Group managing director since 2005, Chris Cuddy assumes the role of CEO.
Soskin, who co-led a management buy-in in 2000 funded by a small group of private investors, remains on the board and will continue to represent the interests of existing shareholders as the Company contemplates its “liquidity optionsâ€.
He said: “As an entrepreneur with experience in successfully building early stage businesses, I recognise that Cheapflights has now grown into not only an international business, but also one of a size that requires a different style of management.
“When bringing Chris on board, it was clear that his technology background, his experience with major US dotcoms and leadership abilities would be of enormous benefit to the company.
“Several years on, Chris has amply justified our decision. I am confidently turning over my role – and Cheapflights – into the safest of hands as the company enters a new era.”
Cuddy said: “The Cheapflights Group now has in place experienced management teams both here and in North America whose technology, internet media and travel industry expertise are second to none.
“Furthermore, with the recent appointment of John Clare as non-executive chairman, and with the continued contribution of David Soskin as vice-chairman, we have an exceptional board.
“Over the past eight years, David has built an international company with outstanding technology and a robust financial platform from which to embark on its next phase of growth.
“I am very excited at the prospect of building on his work and creating an expanded and pre-eminent international internet media brand.”
by Phil Davies
