Thomas Cook names new chairman

21st Sep 2011 07:26

Frank Meysman has moved into the upper echelons of the notoriously short list of famous Belgians by being named as the new chairman of travel group Thomas Cook.The 59-years-old Meysman will replace current chairman Michael Beckett when Beckett retires at the beginning of December.Meysman has held executive positions at numerous global brand companies, such as household products group Procter & Gamble, and has been a non-executive Director, including chairman, of a number of public and private international companies."His experience and knowledge of international markets will be valuable to the group in the future. I look forward to working with him over the next two months to ensure a smooth transition," said Beckett.Meysman will take over the helm at a time when the travel group is navigating choppy seas. Chief executive officer Manny Fontenla-Novoa stepped down abruptly at the beginning of August weeks after the company gave another profit warning amid investor concern over its debt levels. The board is currently searching for a permanent successor while Fontenia-Novoa's former deputy, Sam Weihagen, minds the shop."The group currently faces a number of significant challenges, but in the medium to longer-term we will be well positioned to build shareholder value on the back of premium brands and a fine heritage in the UK as well as internationally," Meysman said.Shares in Thomas Cook have headed south over the summer and are trading 78% lower than they were a year ago.--jh