Travel services firm Thomas Cook India Ltd (TCIL) on Wednesday (July 5) said it has re-designated and appointed Mahesh Iyer as managing director and chief executive officer.

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The appointment is for five years commencing from July 5, 2023, to July 4, 2028, liable to retire by rotation. The remuneration and minimum remuneration have been fixed for a period of three years commencing from July 5, 2023, to July 4, 2026, in case of inadequacy of profits.

Also, the company has redesignated and appointed Madhavan Menon as executive chairman in the category of whole-time director from his earlier designation as chairman and managing director.

Menon's appointment is for five years commencing from July 5, 2023, to July 4, 2028, not liable to retire by rotation. The remuneration and minimum remuneration have been fixed for a period of three years commencing from July 5, 2023, to July 4, 2026, in case of inadequacy of profits.

Further, the company has decided on the "continuation of directorship of Madhavan Menon as executive chairman in the category of whole-time director of the company, on attaining the age of 70 years on February 12, 2025, during his tenure," it said.

Menon has completed his MBA from George Washington University, USA, in addition to an undergraduate degree from the American University of Beirut. He has a total experience of over 40 years. His previous assignment prior to joining TCIL was as chief operations and administrative officer of Birla Sunlife Asset Management Co Ltd, CITI Bank, and ANZ Grindlays Bank.

His acumen and expertise of over 40 years’ spans banking, finance and travel-related foreign exchange management. Menon was the chairman of the board and of the company and the Thomas Cook India Group and would continue to be so, designated as ‘executive chairman.’

Menon’s global education, experience, business acumen, expertise and services are required by and provided to all the group companies. Under his guidance, many of the group companies have turned around and have registered record profits for FY23.

Menon leads the entire Thomas Cook India Group, which is one of the largest travel service provider networks headquartered in the Asia-Pacific region. He does not receive any remuneration from the subsidiaries. Seventy-five percent of Menon's salary costs, based on the time and services utilised by the subsidiaries, is reimbursed to TCIL by such subsidiaries.

Iyer has over 30 years of experience. He has held multiple roles in the company, including that of head of foreign exchange and chief operating officer (from January 2016) and chief executive officer (from February 2017) prior to his appointment as executive director and CEO (in May 2018).

He has direct responsibility for the company's P&L, day-to-day operations of the company, strategic planning, nurturing and building key relationships, as well as building a sustainable growth-oriented organisation that maximises value for all its stakeholders.

Iyer has been holding the position of executive director and CEO since 2018 and under his stewardship, the company has expanded its business portfolio, managed the aftermath of the pandemic, and led transformation initiatives, thereby delivering a record performance in a decade for FY23.

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He holds a master’s degree in marketing management from JBIMS and a business management degree from IIM Kolkata. Iyer joined the board of Thomas Cook (India) Ltd with effect from May 29, 2018.

Shares of Thomas Cook (India) Ltd ended at Rs 77.70, down by Rs 0.83, or 1.06 percent on the BSE.

(Edited by : Shoma Bhattacharjee)