Former Ryanair deputy chief executive Michael Cawley is to step-down as chair of budget accommodation OTA Hostelworld in October after nine years at the helm.
His successor has been named as Ulrik Bengtsson, previously chief commercial officer and chief operating officer of Virgin Media O2 and executive director of William Hill.
Cawley is to tell the company’s annual meeting today (Thursday) in Dublin: “I am pleased to report that trading remains consistent with the trends outlined in our March preliminary results continuing into 2024.
“In particular, our highly differentiated social strategy continues to deliver growth in market share whilst marketing costs remain at the low end of the guidance range.
“Building on 2023’s strong performance, we are confident we can deliver high single-digit booking and revenue growth, in line with company guidance.”
The business now expects to repay the remaining €7.5 million balance of a loan two years ahead of schedule.
Bengtsson said: “I am delighted to be joining Hostelworld at this stage in its development and I look forward to working with the board and with the broader management team.
“I was attracted to the role of chair because of Hostelworld’s uniquely differentiated proposition as a social network-powered Online Travel Agent (OTA), the quality of its operating model and the exciting opportunities to continue increasing shareholder value over the coming years.”
Cawley added: ”It has been a privilege for me to serve as chairman of Hostelworld and I am proud of the achievements.
“The business demonstrated its resilience during Covid, subsequently pivoting into a social network OTA, delivering strong growth and a return to profitability.
“I remain confident in the company’s long-term ability to enhance shareholder value.”