Thomas Cook boss ‘sorry’ for collapse
Travel company CEO defends his salary and bonuses

The boss of Thomas Cook has apologised for his role in the collapse of the travel firm, saying he is “devastated”.
In an interview with the Mail on Sunday, Peter Fankhauser said: “You ask me how I feel? Desperate. And deeply sorry.”
Thomas Cook was liquidised last week after 178 years of trading, leaving 9,000 UK staff members unemployed and 150,000 British holidaymakers stranded overseas, says the BBC.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
But Mr Fankhauser defended the £8.3m he received from the company between 2014 and 2018, saying: “I don't think that I'm the fat cat that I'm being described as.”
Top directors at Thomas Cook have been paid a total £20m in salaries and bonuses since 2014, prompting staff, unions and politicians to question the legitimacy of large payouts.
Boris Johnson queried whether directors should award themselves “large sums of money” while their businesses “go down the tubes”.
The chair of the Business, Energy and Industrial Strategy Committee, Rachel Reeves, said the public felt “appalled that as Thomas Cook mounted up debt and as the company headed for trouble, company bosses were happily pocketing hefty pay-packages”.
Fankhauser said his pay was not “outrageous” compared with other FTSE 250 bosses, but admitted “I think it would be very difficult for me to find another job in the UK.”
–––––––––––––––––––––––––––––––For a round-up of the most important business stories and tips for the week’s best shares - try The Week magazine. Get your first six issues free–––––––––––––––––––––––––––––––
Repatriation efforts
The Civil Aviation Authority (CAA) launched the UK’s largest peacetime repatriation efforts last weekend to bring more than 150,000 people back to the UK.
The scheme - dubbed Operation Matterhorn - continues to bring British holidaymakers home, running 69 flights across 40 airports at home and abroad on Saturday and attempting a similar number on Sunday.
The CAA repatriated more than 100,000 people to the UK in the first seven days of the operation, which will continue until 6 October.
Richard Moriarty, chief executive of the CAA, said on Sunday: “We have returned a further 15,000 Thomas Cook customers to the UK in the last 24 hours, and have now used more than 100 aircraft as part of our Matterhorn fleet.”
“Although we are proud of our work so far, we are clear that we still have more than a week of the flying programme to manage and nearly 55,000 passengers to bring back to the UK and we remain focused on that challenge.”
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
Critics' choice: Three takes on tavern dining
Feature A second Minetta Tavern, A 1946 dining experience, and a menu with a mission
By The Week US
-
Film reviews: Warfare and A Minecraft Movie
Feature A combat film that puts us in the thick of it and five misfits fall into a cubic-world adventure
By The Week US
-
What to know before lending money to family or friends
the explainer Ensure both your relationship and your finances remain intact
By Becca Stanek, The Week US
-
What is the job market's future after Trump's tariffs?
Talking Points Economic analysts are split on what the tariffs could mean for employees
By Justin Klawans, The Week US
-
Discount stores were thriving. How did they stumble?
The Explainer Blame Walmart — and inflation
By Joel Mathis, The Week US
-
Safe harbor: Gold rises as stocks sink
feature It's a golden age for goldbugs
By The Week US
-
The battle over Jamaican rum
Under The Radar The spirit that defines the Caribbean is at the middle of a legal fight
By Rebekah Evans, The Week UK
-
What does Musk's 'Dexit' from Delaware mean for the future of US business?
Talking Points A 'billionaires' bill' could limit shareholder lawsuits
By Joel Mathis, The Week US
-
Could a private equity deal be the end of Walgreens?
Today's Big Question The pharmacy chain will be taken private in a $10 billion deal
By Justin Klawans, The Week US
-
Why are CEOs having second thoughts about Trump?
Today's Big Question Tariff threats and economic warning signs create corporate uncertainty
By Joel Mathis, The Week US
-
What's Mark Cuban's net worth?
In Depth Not every Trump-era billionaire has gone full MAGA
By David Faris