Travelzest CEO is ousted

Tuesday, 23 Jul, 2013 0

Travelzest has terminated the contract of its CEO Jonathan Carroll.

Group finance director Adrian Cobbold will assume responsibility for the day to day operations of the business in the short term.

He will be supported by Christopher Howell, non-executive chairman, Nigel Jenkins, and the rest of the board.

According to stock market wires, the decision to remove Carroll was taken after calls from former Travelzest director Mark Molyneaux, who holds just over 10% of the shares in the company.

Travelzest former director Mark Molyneux – who holds about 10.72% of the company’s issued shares – has requisitioned a general meeting to remove chief executive Jonathan Carroll from the board. – See more at: http://www.stockmarketwire.com/article/4636208/Molyneux-bids-to-oust-Travelzest-CEO.html#sthash.MfM7LOLo.dpuf

The company stressed that it continues to be run in line with the board’s stated strategy.

Last week Travelzest won a second reprieve from Barclays, its main lending bank, to allow it to continue trading until the end of August.

Interim results for the six months ending April 30, plus a trading update, debt are due to be released by the end of this month.

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Bev

Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.

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