Holiday operator Thomas Cook has announced the surprise departure of its chief executive, Harriet Green.

The company announced that she will be replaced by chief operating officer Peter Fankhauser, who will take over with immediate effect.
Ms Green joined the company two years ago when the company's share price was just 14 pence and it had a market capitalisation of £148 million. She is credited with its transformation into a company with a current market capitalisation of just under £2 billion and a share price of over 130 pence.

Ms Green commented: “I always said that I would move on to another company with fresh challenges once my work was complete. That time is now. I wish all of the team at this re-energised company continued success, as they move to the next phase of the company's development.”