THE CFO of travel company Travelzest is to take the company’s reins after chief executive Jonathan Carroll had his contract terminated earlier this month.
Carroll was ousted from the business following calls from former Travelzest director Mark Molyneaux, who holds just over 10% of the shares in the company, to consider Carroll’s removal.
Earlier this month, the struggling travel website operater managed to secure an extension of its main lending bank credit facilities until 30 August. “As previously stated the company remains reliant on the support of it primary lending bank in order to continue to trade,” Travelzest said in a stock exchange announcement.
The company had previously said in January that it would seek to renogotiate its lending facilities because the payment terms were unsustainable. According to its reults for the year to 31 October 2012, its net debt position increased by £4.3m to £15.5m, the majority of the increase resulting from interest payments and charges totalling £4.4m which have been paid or accrued to its bank.
CFO Adrian Cobbold is to assume day-to-day responsibility for running the business, supported by non-executive chairman Christopher Howell and the rest of the board.
The move is Cobbold’s first chief executive post, having previously served as CFO with IT company Teranet and Crown Metal Packaging Canada.
He qualified as a chartered accountant in 1993, before going on to become a certified public accountant in 1999.
Traded on London’s AIM exchange, Travelzest specialises in tours and cruises, with its Canadian operations generating the bulk of its revenues.
Over the past six month’s the company’s share price has fallen 52% from 2.62 pence to 1.25 pence.
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