Mumbai Capital

Madhavan Menon elevated CMD of Thomas Cook

Canadian investor of Indian origin Prem Vatsa, who heads Fairfax Financial Holdings, seems to have rewarded Thomas Cook (India) Ltd’s chief Madhavan Menon by elevating him to the post of Chairman & Managing Director for helping build the company to a formidable player through a series of acquisitions and managing them well.

On Thursday, Thomas Cook (India) informed the stock exchanges that the company’s board among other things has decided to appoint Mr Menon as the company’s Chairman and re-designated him as Chairman and Managing Director effective January 1, 2016.

“Madhavan Menon, having steered the Company admirably as Managing Director since 2006, will now take over as Chairman & Managing Director of Thomas Cook (India) Ltd. He enjoys our full confidence and faith and we wish him continued successes in his new role,” Prem Watsa, Chairman & CEO, Fairfax Financial Holdings Ltd said in a statement.

In the past three years since Fairfax acquired Thomas Cook (India) from Thomas Cook Group Plc in 2012, Mr Menon with active backing from Mr Watsa has done five acquisitions, including two businesses from Swiss major Kuoni Group recently.

Last week Thomas Cook (India) had announced the closing of the acquisition of Kuoni India and Kuoni Hong Kong.

Earlier this year Thomas Cook India took over Luxe Asia Pvt Ltd, a destination management company based in Sri Lanka and in 2014 it had acquired Sterling Holidays.

In 2013 it had acquired Ikya Human Capital Solutions, which has been renamed Quess Corp. Earlier this week the board of Quess Corp had announced plans to float a public issue.

Prior to the Fairfax phase, Mr Menon was instrumental in two more acquisition namely LKP Forex Ltd in 2006 and Travel Corporation of India (TCI) in 2007.

In early part of this decade when British travel conglomerate Thomas Cook Group Plc put its Indian business on the block to mobilize funds to tide over an acute financial crisis back home, the fate of Mr Menon who was leading the Indian business since 2006, was uncertain and travel analysts had predicted his exit post sale out.

But today three years down the line, he has turned Thomas Cook (India) to be the biggest player in its field in India and is spearheading Fairfax Group’s travel and travel related businesses in Asia.

All the acquired businesses are run independently and Thomas Cook (India) is the holding company.

On Thursday Thomas Cook (India) also announced the appointment of former LIC Chairman Sunil B. Mathur as Additional Non–Executive Director (Independent) with effect from December 23, 2015. The board has also appointed Nilesh S. Vikamsey as Additional Non–Executive Director (Independent) . Mr Vikamsey is a Senior Partner in Khimji Kunverji & Co

Meanwhile, Mahendra Kumar Sharma, Non–Executive Chairman (Independent) of the company will step down at close of business hours of December 31, 2015 as his resignation has been accepted.

“Mr. Sharma has played a pivotal role as Chairman and we are deeply grateful for his immense contributions: his insights and direction have always been of the highest order,” Mr Watsa said.



On Thursday, Thomas Cook (India) informed the stock exchanges about appointment



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Printable version | Mar 5, 2021 2:15:17 PM | https://www.thehindu.com/news/cities/mumbai/business/madhavan-menon-elevated-cmd-of-thomas-cook/article8028098.ece

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