Saga PLC (LON:SAGA) has restructured its travel business around a month after the over-50’s tourism and insurance group revealed that its tour operations had been hit by the collapse of Monarch Airlines.
In a statement, the FTSE 250-listed firm said that Robin Shaw, previously CEO of Saga Cruises, has been appointed CEO of Saga Travel, heading both the tour and cruise operations.
READ: Saga shares plunge after profit warning raises questions of trust for over-50's insurance and travel group
The company said Jeannette Linfoot, managing director of its tour operations left the business at the end of December.
It also announced that Gary Duggan, who joined Saga Services in September this year as its CEO designate, will take over from Roger Ramsden as head of the retail brokerage.
The group said Ramsden will leave the business in the first quarter of 2018 after completing a phased handover to Duggan.
Saga CEO Lance Batchelor said: "These changes provide us with a more focused executive team as we target and invest in growth in the Saga customer base to achieve our long-term ambitions.”
READ: Saga shares fall as RBC downgrades stock and sees 'little earnings growth' until 2021
In a trading update in December, Saga warned that its tour operations business had been hit by the collapse of Monarch in October, an airline the firm used, leading to a one-off cost of about £2mln.
As a result, Saga said it expected underlying pre-tax profit would rise by just 1%-2% in 2017 and fall by 5% in 2018.
In early morning trading today, Saga shares were down 0.2% at 124.6p.