‘There's no playbook for this': Corporate Travel shareholders stuck in limbo as CEO exits
Shares in the embattled travel services group have been suspended for five months over accounting issues. Now, after its long serving CEO stepped down, investors want answers.
Corporate Travel Management CEO Jamie Pherous’ abrupt departure from the company he founded 32 years ago has raised more questions than it has answered for investors, as shares remain locked in a five-month trading suspension amid unquantified accounting issues.
“There’s no playbook for this,” Wilson Asset Management portfolio manager Oscar Oberg, who holds Corporate Travel shares on behalf of clients, told Capital Brief. “I’ve never seen a trading halt this long in 20 years in the share market.”
The travel services group announced today that founder and CEO Pherous would relinquish his executive and board roles with immediate effect, but will continue to advise the company under a consultancy agreement for a further six months.
Chief commercial officer Ana Pederson will move into the role on an interim basis, while ex-BCD Travel boss John Snyder has been hired as a special advisor.
