CEO Chris Mottershead has been suspended from tour operating group Travelzest.
A statement from the company said he had been suspended from his executive responsibilities pending the outcome of an investigation.
The company said it had started a probe into a “potential misappropriation” of funds.
“The board currently does not believe that the sums involved are material in the context of the Travelzest group as a whole,” the statement released on Friday said.
Executive director Jonathan Carroll has assumed the role of interim CEO while the company conducts the investigation.
Travelzest said a further announcement will be made “as appropriate”.
by Phil Davies
