£400 million was wiped off the value of Thomas Cook on Wednesday when Harriet Green resigned saying her work ‘is complete’. Ms Green joined the firm 2 years ago and saved it from the brink of bankruptcy and turned it into a company with a market capitalisation of almost £2 billion. Current Chief Operating Officer Peter Fankhauser will take over as CEO with immediate effect. It is seen that Ms Green was pushed out by claims from the Chairman that she did not know enough about travel. Her replacement, Mr Fankhauser, was seen as a better option to take over the revival of the 173 year-old business, as he has over 20 years experience in the sector. However the markets did not agree as the share price fell 20%, showing displeasure at the shock departure of a highly successful businesswoman.
During her stint at Thomas Cook she oversaw the slashing of over 2,000 jobs and 400 of the brands travel stores in a bid to bring the ailing business back to life. The new ‘sunny heart’ logo, newer planes and a focus on exclusive hotels also led to the holiday-makers turnaround. In May she was named as Veuve Clicquot businesswoman of the year, she is also well known for only having 3 hours sleep.