Ex-Avis finance chief joins holiday giant as old guard forced out

Last July, Thomson lost its chief executive Paul Brett and issued a profits warning due to difficult trading conditions – it issued a second profits warning only six weeks later.

Charles Gurassa took over as chief executive and the appointment of a replacement for current Group FD Mike Frith continues the theme of appointing a new top management team.

CIMA fellow Maloney, who until March 1999 was Group Finance Director of Avis Europe Plc, is to join the group on January 31 but will not become the Group Finance Director until March 3.

Frith, 57, is understood to be cooperating with the change and will stay until after March to ensure a smooth handover.

W Michael Brown, Thomson Travel Chairman, said: ‘I would like to express our sincere thanks to Mike Frith for his outstanding contribution to the Group over the past 29 years. Mike has played a key role in helping Thomson Travel to become a market leading business with one of the strongest consumer brands in Europe. The Board would like to place on record its deep appreciation of his achievements and dedication to Thomson Travel.’

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