‘REWARDS FOR FAILURE’
Thomas Cook collapse – Bosses pocketed £47m in pay and bonuses from doomed travel giant before collapse that left 150,000 Brits stranded
THOMAS Cook bosses raked in £47million from the doomed travel giant before it collapsed leaving 150,000 Brits stranded, it has been reported.
Chief executive Peter Fankhauser took home £8.4million since 2014, including £4.6million bonus payments.
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What we know so far...
- Thomas Cook has collapsed into administration after failing to secure a last-ditch rescue deal
- Thousands of Brits stranded abroad as they battle nine-hour queues and forced to sleep on airport floors
- More than 14,700 have been repatriated to the UK and a further 74 flights are scheduled today to bring back another 16,500
- As many as 9,000 British employees among 21,000 staff around the world stand to lose their jobs
- Prime Minister Boris Johnson says directors should be personally held to account
- Thomas Cook fatcat bosses raked in £47million in pay and perks since 2007
The travel giant collapsed with debts of £1.6billion, leaving 21,000 staff - including 9,000 based in the UK - out of work and 150,000 holidaymakers stranded abroad.
Honeymooners, soon-to-be wed couples and customers worrying about running out of medication are just some of the hundreds of thousands now stuck finding another way back to the UK.
Hotel staff in Spain have threatened to call police on a couple who have been told to pay an extra £1,100.
Stranded holidaymakers were forced to sleep on the floor at airports overnight as tearful Brits broke down in tears.
Boris Johnson called for Thomas Cook bosses to be held to account as furious customers accused the fatcat bosses of being "rewarded for failure".
A breakdown of figures shows five chiefs took home nearly £47million since 2007.
Peter Fankhauser
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The 58-year-old has been chief executive at Thomas Cook since 2015, during which time he has pocketed an annual salary of up to £725,000.
With his bonuses of £4.6million, he took more than £8.4milion out of the failed company, according to the Daily Mail.
He shares a lavish Surrey property with his wife Raffaella Cassani and two of his three children, which is rented for around £6,000 a month.
Swiss national Fankhauser went into the travel businesses after his dad prevented him from becoming a fighter pilot in the country’s air force.
Harriet Green
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Harriet Green was Thomas Cook’s chief executive between 2012 and 2014 and once described herself as a “landa” – combining the fierce qualities of a lion and the placid nature of a panda.
She took home almost £11million in total pay and in 2015 alone, she received £6.3million, despite only working for two months of that financial year.
During her time at the company she was on a salary of up to £687,000 a year.
Her tenure was marred by controversies over the inquest of Christi and Bobby Shepherd and she was labelled a “greedy, shameless woman” for her handling of the crisis.
Green agreed to pay a third of a £5.6million bonus to charities chosen by Christi and Bobby's parents.
Manny Fontenla-Novoa
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Under the Spanish-British businessman’s leadership, the company’s share price tumbled drastically between 2007 and 2011.
Investors were outraged when the 65-year-old walked away with a massive bonus in 2011, taking his total pay over his five-year stint to £16.8million
Frank Meysman
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The 67-year-old became chairman in 2011 and has been paid £275,000 a year.
Last year it was reported the veteran had been looking to leave Thomas Cook but a replacement had not been found.
He earned £2.2million in salary and benefits between 2012 and 2018.
Michael Healey
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The 69-year-old accountant was chief financial officer from 2012 to 2017.
He took home a total of £8.3million between 2012 and 2018 in salary and bonuses.
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Meanwhile, Boris Johnson asked why the directors should be allowed to pay themselves “large sums of money” as their business went “down the tubes”.
The Prime Minister said it was vital that in future tour firms were stopped from “simply going belly up then requiring the taxpayer to bring everybody home”.
The air rescue, Britain’s biggest peacetime repatriation, is set to cost more than £75million as the Government charters 45 jets.
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Thomas Cook collapse - what you need to know if you're booked for a future holiday or stuck overseas
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