Former Thomas Cook chief exec says he’s ‘deeply sorry’

Former Thomas Cook chief executive Peter Fankhauser has told MPs he is ‘deeply sorry’ he failed to save the company. 

Mr Fankhauser, who was chief executive when the company went down last month, is appearing before the Business, Energy and Industrial Strategy Committee today.

The former travel firm boss told MPs: ‘You heard me probably say it already, but I really want to repeat it in front of the members of the select committee, how deeply sorry we are that we couldn’t save this iconic brand and this company who has a long, long-standing history in this part of the UK industry.’

Former Thomas Cook employees arrive at Parliament’s Portcullis House this morning

He continued: ‘I’m deeply sorry about this failure and I’m deeply sorry for the distress we caused to millions of customers who booked holidays with us and who were on holidays with us.

‘I’m deeply sorry for our suppliers who were long-standing partners and who were loyal to us throughout this time.

‘I’m especially sorry for all my colleagues who worked extremely hard and tirelessly to make Thomas Cook a better company.’

Bosses are being quizzed over the failed rescue of Thomas Cook, how the company was managed, its £1.7bn debt pile and executive pay.

The three chief executives who led the firm since 2007 raked in a total of more than £36m in pay and bonuses during their time in charge.

Fankhauser took home £8.4m after getting the top job in 2014. His predecessor Harriet Green, who ran the firm between 2012 and 2014, got £11m. And Manny Fontenla-Novoa, who saw the company’s share price drastically tumble under his leadership between 2007 and 2011, received £16.8m.

Mr Fankhauser said: ‘I’m deeply sorry about this failure and I’m deeply sorry for the distress we caused’

The company needed a huge government-organised rescue operation after it went under with thousands of holidaymakers still abroad