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Madhavan Menon to take over as Thomas Cook CMD from January 1

New Delhi: Travel services provider Thomas Cook India has re-designated its present Managing Director Madhavan Menon as Chairman and Managing Director, effective January 1, 2016.

The board of directors of the company has appointed “Madhavan Menon as Chairman and re-designated him as Chairman and Managing Director with effect from January 1, 2016,” Thomas Cook India said in a filing to the BSE.

The board also announced the appointment of Sunil B Mathur and Nilesh S Vikamsey as additional non-executive independent directors of the company, effective December 23, 2015, it added.

“The board has considered and accepted the resignation of Mahendra Kumar Sharma, non-executive chairman (independent), with effect from close of business hours of December 31, 2015,” Thomas Cook India said.

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Commenting on the announcements, Fairfax Financial Holdings Chairman and CEO Prem Watsa said, “Madhavan Menon, having steered the company admirably as Managing Director since 2006, will now take over as Chairman and Managing Director of Thomas Cook (India) Ltd.”

“I am delighted to welcome our new additional non-executive independent directors- Sunil Mathur and Nilesh Vikamsey; their expertise and experience will certainly add valuable guidance and support to the Thomas Cook India Board,” Watsa added.

Thomas Cook (India) is promoted by Fairfax Financial Holdings through its wholly-owned subsidiary, Fairbridge Capital (Mauritius) Ltd and its controlled affiliates.Fairbridge is responsible for execution of acquisition and investment opportunities in the Indian subcontinent on behalf of the Fairfax family of companies.

At 1404 hours, the shares of Thomas Cook India were trading down 0.67% or Rs 1.40 at Rs 206.30 per scrip intraday on BSE.