Corporate Travel Management founder and MD Jamie Pherous quits
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The news: Embattled travel company Corporate Travel Management (CTM) has announced that founder and managing director Jamie Pherous will retire from his executive and board roles with immediate effect.
The context: Pherous, who founded the business 32 years ago, will transition to a strategic advisory role under a consulting agreement for a period of six months.
Chief commercial officer Ana Pederson has been appointed as acting group CEO. Former president and CEO of BCD Travel John Snyder has been appointed as a special advisor.
The board will undertake a search process for the permanent CEO position.
CTM, which has been suspended from trading since failing to release its FY25 results in August, scrapped its guidance in November and dismissed its UK and Europe CEO Michael Healy a month later.
What they said: "The board has determined, in consultation with Jamie, that now is the appropriate time to accelerate the transition to a refreshed corporate structure that consistently meets the expectations of its stakeholders," said CTM chairman Ewen Crouch.
"In reaching this decision, we recognise that new leadership is well placed to drive our short-term priorities, while ensuring CTM continues to evolve as a strong, well-governed and resilient organisation.
"We recognise the frustration and disappointment of our shareholders and are taking all practical and responsible steps to address the issues that have arisen and support CTM's shares being reinstated for trading on the ASX as soon as possible."
Pherous commented: "I acknowledge the challenges arising from the recent accounting matters and the company's suspension, and the impact these have had on our customers, employees and investors.
"In the best interests of the company, I have decided to retire as chief executive officer to allow new leadership to focus fully on the task ahead.
"I will continue to support the business in my capacity as an advisor and its largest individual shareholders and have a vested interest in CTM's long term success."
The source: ASX
