Leading omnichannel travel agency Thomas Cook India has announced a major reshuffle in its top management after the company announced the appointment of Madhavan Menon as the new Executive Chairman after its recent board meeting. Till now, he was serving as the Chairman & Managing Director of the company. He will also continue to Chair the Board of Directors of the company.
“Mr Menon’s global education, experience, business acumen, expertise and services are required by and provided to all the group companies. Under his guidance, many of the group companies have turned around and have registered record profits for the FY 2023,” the company mentioned in the filing.
In another development, the company has announced the appointment of Executive Director and CEO, Mahesh Iyer as the new Managing Director & CEO effective July 5. He is already a member of Thomas Cook India’s Board of Directors since 2018.
Both the appointments are for the duration of five years. The decision is subject to approval of the company’s shareholders at the upcoming AGM scheduled on August 23.
Sharing details about the rejig to the stock exchanges BSE & NSE in a filing, Thomas Cook said that Menon will continue to hold the post till July 2026 despite attaining the age of 70 in February 2025 as his term is not liable to retire by rotation.
Both Menon and Iyer are also not debarred from holding the office of Director by virtue of any order of the Securities and Exchange Board of India (SEBI) or any other such Authority.
Iyer has been holding the position of the Executive Director & Chief Executive Officer since 2018 and under his stewardship, the Company has expanded its business portfolio, managed the impact due to the turbulence of the pandemic, and led transformation initiatives, Thomas Cook said in the filing.
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