Thomas Cook execs dismissed over huge losses

The president and financial chief of Thomas Cook, the German travel wholesaler, has gotten the ax in the wake of heavy losses triggered by a sharp fall of travel demand in Germany.

The KarstadtQuelle retail chain and Lufthansa Airline –owners of half of Thomas Cook’s stocks- informed the dismissal of the company’s president Stefan Pichler and finance chief Norbert Kickum.

Peter Gerard of KarstadtQuelle will take over as president of the Germany-based tour operator, while Karl-Ludwig Kley of Lufthansa will lead the finance department until owners finally reveal the names of their replacements.

KarstadtQuelle Co. was bound to review its revenue forecasts for the years 2003 as a result of the heavy losses the company went through.