TUI loses board members after losing auditors

TUI loses board members after losing auditors

Travel company loses non execs

TUI, THE TRAVEL business, is losing two board members in the week that auditors KPMG resigned from the company’s audit citing a “strained” relationship.

Jeremy Hicks,  former finance director at Aegis and TUI’s audit committee chairman, and Giles Thorley, are resigning as non executive directors from TUI after serving with the company for three years.

TUI’s deputy chairman Sir Michael Hodginkinson said they had been “valued” members of the board.

KPMG resigned the company’s audit with a letter dated 29 December. The move followed the company’s decision to write off more than £100m in the wake of accounting difficulties. The restatement was followed by the resignation of finance director Paul Bowtell.

The audit contract was worth £2m to KPMG, which said it parted company with TUI after discussions over the restatement had placed a “strain” on relations with directors.

There is no suggestion in this morning’s statement that Hicks’ and Thorley’s departures are connected with the restatement.

The resignations come just weeks before the company’s AGM on 3 February.

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