Tui Travel Finance Chief to Leave the Company

After being told to reaffirm the 2009 accounts of Tui Travel, Paul Bowtell, its Finance Chief has decided to leave the Company.

The skepticism has been raised by Europe's largest travel operator against the amalgamation of accounting systems, as a result of the merger of the UK's First Choice Travel and Tui AG, tourism unit of Germany.

The forty-two years old Bowtell has given his resignation and he will leave the Company at the end of the 2010. On the arrival of the news, the shares of Tui dropped 15.1p or 6.6% to 215.3p.

The total write-offs of the Company stood at £117m, which according to it, is caused by the failures in settling balances in the IT systems of the retail and tour operators businesses in the UK.

Before joining Tui, Bowtell was a Finance Director at First Choice. He also served British Gas and WH Smith. Tui has made no comments that whether Bowtell will receive payoff.

As per Tui, it recorded a £29m write-off during its third quarter results in August, but the ongoing audits failed to disclose irrecoverable balances worth £88m, which increased the figure of underlying profit by £42m in the year to September 2009.