View Full Version : Mytravel CEO Resigns

8th Oct 2002, 09:35
BBC report that Tim Byrne, CEO of Mytravel group has resigned this morning. David Crossland to remain as Chairman.

8th Oct 2002, 10:00
From press release

The Board of the MyTravel Group plc announces with regret that Tim Byrne, Group CEO, is leaving the company by mutual consent with immediate effect.

David Crossland will continue as Chairman, postponing his planned retirement in November for up to 12 months. David Jardine, Group Finance Director, Philip Jansen, CEO Europe and Peter McHugh, CEO North America, will report directly to
David Crossland until Tim's replacement is appointed. Eric Sanderson remains non-executive Chairman designate.

Moses Mashomba
8th Oct 2002, 21:28
Whilst the press statement attempts to put something of a neutral spin on to it, it's more likely that he chose to fall on his sword in advance of being pushed onto it ! ..... and of course one wonders how much of a golden "**** off" he got ?!

9th Oct 2002, 09:27
His basic was 450,000. Last year with bonuses he picked up nearly 1m, and is apparently on a two year contract.

I don't suspect he will have too much to worry about do you?

Nice work if you can get it!

9th Oct 2002, 11:53
With share prices this low, I wouldn't be surprised if First Choice might express an interest.

Clio Toros
9th Oct 2002, 14:44
Telegraph pundits reckon that if First Choice are interested they may be waiting for worse figures from Mytravel with their Dec accounts. Maybe the Air 2 bob guys are now not quite so resentful of thier MD's salary and management.

9th Oct 2002, 15:57
So who is going to replace the senior management ? Whats Scary Spice doing now ? Is he staying in TLS ? :-):D :D :D

9th Oct 2002, 16:45
Just seen in the Business section of the Daily Telegraph - leaving with a pay off of 1m! Holy S%$!:mad: :eek: :rolleyes:

11th Oct 2002, 13:39
Dec figures will no doubt dent things even further, share price drops more, millions owed to the banks - in steps First Choice
for the takeover.

If they dont its DieTravel

12th Oct 2002, 08:38
It was not that long ago that David Crossland was the darling of the Stock Market and could do no wrong,but he seems to have lost the plot totally what with the disastrous foray into Germany and what with changing name from Airtours to My Travel,it beggars belief.

12th Oct 2002, 09:31
Dear Clio Toros,

How lovely it is to here your balanced views again. I really don't think the AMM pilots are resentful of PL's remuneration package, I think that we feel he does a good job.

As for the airline's MD, now that is a different question, I can see Tim Byrne all over again. It will probably take another few years until it is really on its uppers, then she'll be off with her massive payout, and we'll be left with more mess to clear up than post Baron.

Happy Days


CRS;) ;) ;)

12th Oct 2002, 11:36

Who do you think is pulling Chris Browne's strings?

12th Oct 2002, 16:15
Dear EPR,

Dermot Blastland (he's welcome to her strings) - has been given a free reign to f**k up the airline by Mr Long. I still feel that PL is pretty clever at what he does. Our contracts, manning levels and moral are of no consequence to his big picture.

see ya


13th Oct 2002, 15:41
How about the scenario in which PL is 'headhunted' by DC to sort out his ailing empire thus putting PL in charge of the outfit which he has seen off twice. What a supreme irony that would be!