Thomas Cook ex-boss defends his record after firm’s collapse

Thomas Cook, the world’s oldest travel firm, collapsed last month after it failed to finalise a restructuring plan, stranding over a hundred thousand passengers. Peter Fankhauser apologised again to customers, staff and suppliers as he appeared before a British parliamentary committee, and said that responsibility for the collapse was shared among several parties who tried, and failed, to agree the rescue deal.

Asked about his salary, which totalled 1.02 mn pounds in 2018 including pension and benefits, Fankhauser said he did not set his own pay or decide any bonus. “I’m not going to try and defend my base pay, because in relation to a normal worker’s base salary, this is an enormous amount ... I fully understand the sentiment in the public,” he told the committee. “However, what I can say to that is that I worked tirelessly for the success of this company and I’m deeply sorry that I was not able to secure the deal.”

Fankhauser said his efforts to transform the company after his appointment in 2014 had been constrained by its debts. He said that a 750,000 pound bonus he was paid in 2017 could theoretically be clawed back, but 30% was paid in shares which were now worthless. “My commitment to the company was shown: I never sold one share, because I was believing in the company,” he said.