Corporate Travel Management has terminated the employment of
U.K. and Europe CEO Michael Healy, who had been suspended amid the
investigation into of overcharging clients in the region, the travel management
company announced on Friday.
Healy, who
had been suspended with pay since late November, was fired for "breach
of his contractual obligations," according to CTM, while the investigation
into CTM's European business is ongoing. CTM global chief operating officer
Eleanor Noonan has been acting as interim CEO for the region and will continue
to do so "while the company considers future leadership agreements,"
the company said.
CTM in November disclosed "major accounting
errors" that resulted in some U.K. clients—later
revealed to include the U.K. government—being overcharged a total of about
£77.6 million. Trading of CTM's shares on the Australian Securities Exchange has
been suspended since August amid the audit that revealed those and other discrepancies.
CTM now says it plans to provide an update in February 2026
for the timing of finalizing its financial statements for the 2025 fiscal year.
It is working with KPMG to do that and correct prior year statements, and the
amount of refunds payable to overcharged customers is still ongoing as well,
the company said.
The TMC said it "continues to operate at full capacity,
with no disruption to client services." It said it has entered a financial
security arrangement with the International Air Transport Association to ensure
continued operations of BSP-related ticketing activities.