Former Thomas Cook bosses under fire for excessive pay

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https://www.theguardian.com/business/2019/sep/23/hedge-funds-win-big-from-short-selling-thomas-cook-shares

Kalyeena Makortoff and Rob Davies
Mon 23 Sep 2019 18.36 EDT

While thousands of holidaymakers were waiting in overseas airports for the government’s emergency airlift to get them home and Thomas Cook staff were losing their jobs, former bosses of the stricken travel firm came under fire for receiving payouts worth more than £35m in the last 12 years.

Manny Fontenla-Novoa, who led the acquisition spree that saddled the company with more than £1bn of debt, was handed more than £17m in just over four years as boss of Thomas Cook, boosted by bonuses awarded for slashing 2,800 jobs following the merger with MyTravel. He quit in 2011 as the tour operator came close to collapse.

His successor was Harriet Green, who was paid £4.7m for less than three years plus a share bonus worth a further £5.6m. She handed a third of that award to charities after the deaths of two children from carbon monoxide poisoning in Thomas Cook accommodation in Corfu.

Green also claimed £80,000-a-year to cover her hotel bills at the five-star Brown’s hotel in London, where she lived during the week.

Peter Fankhauser, who was in charge when the company collapsed, was handed £8.3m, including £4.3m in bonuses.

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Meanwhile, a group of international hedge funds who bet against Thomas Cook have made big profits from its collapse.

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