Monarch Group strategy director Stuart Jackson will leave the company in the restructuring underway as private equity company Greybull Capital prepares to take control from long-time Monarch owners the Mantegazza family at the end of this week.
Jackson is one of 700 redundancies set to be announced when the takeover deal completes on Friday.
He will leave on November 5 after more than two decades at the Monarch Group.
The news came as Travel Weekly learned the number of job losses at the company has been reduced by 200 from the 900 originally expected following consultation with staff.
The reduction has been achieved with some employees changing terms and conditions, with others moving from full-time to part-time working.
Two-thirds of the 700 are voluntary redundancies from the group’s 3,300-strong workforce.
Monarch has been able to meet the efficiencies required on 700 rather than 900 job losses within the staffing element of the company’s new business plan, Travel Weekly understands.
Talks continue between London-based investment fund Greybull and Monarch on completion of a deal worth £75 million.
Efforts are being made by all parties to ensure a deal can be concluded before Friday when the group’s licence to sell holidays is due to expire.
Sources have voiced confidence that the rescue agreement can be completed this week.