Thomas Cook Group chairman Michael Beckett has agreed to serve for a further year until February 2012.
This will allow the company to source a successor and ensure a smooth transition.
Non-executive directors, under the leadership of senior independent director Roger Burnell have commenced a process to identify and appoint a new chairman.
“This will be carried out with a view to ensure that there will be sufficient time for induction of the chairman elect and a smooth succession into the role, and will involve the appointment of external search and selection advisers,” Thomas Cook said.
Beckett’s additional year as chairman is subject to his re-election by shareholders at the company’s annual general meeting in London on February 11.
He will then retire from office at the AGM to be held in February 2012.