Corporate Travel Management CFO to exit, as company suffers $36.4m loss

Modern green emergency exit sign above a black doorway

Corporate Travel Management (CTM) has announced that its global chief financial officer, Neale O’Connell, will retire and step down from his role.

O’Connell will be replaced by deputy global CFO Cale Bennett, who joined CTM in August 2019 as part of his succession plan. His previous experience includes senior leadership roles at Bank of Queensland, Tatts Group and Aurizon.

Bennett will step into his new role on 1 March, with O’Connell to remain at the company until 30 June 2021 to ensure a smooth transition.

CTM managing director Jamie Pherous said: “When he joined CTM, Neale’s key objectives included strengthening the capabilities of the group finance function.

Neale O’Connell

“He has been instrumental in managing the financial impacts on the company through COVID-19, helping to execute the acquisitions in the current period and ensuring CTM is in a strong financial position ready for the recovery.

“Neale has executed on these key objectives and, having transformed our group finance function, will depart knowing that the business is well-positioned for recovery post-COVID-19.

“I want to thank Neale for his valuable contribution and for all he has achieved at CTM.”

Pherous also welcomed Bennett’s appointment, saying he was delighted to have “such a talented and highly capable internal successor”.

“Cale has been a key member of CTM’s senior management team since his appointment and, together with Neale, has contributed to the development of the group finance function and assisted in putting the company in a strong financial position ready for the recovery,” he said.

The senior leadership changes were revealed alongside CTM’s half-yearly results, with the company recording a $36.4 million loss, compared to a $32.9 million profit in the first half of FY20.

The group’s total transaction value was down 88 per cent to $403.8 million during the six months to 31 December 2020, and revenue dropped 67 per cent to $74.2 million.

However, CTM expects its ANZ and European operations to be profitable in the second half of FY21, provided domestic borders largely remain open and travel restrictions are relaxed as high-risk segments of the population are fully vaccinated, particularly in the US and the UK.

“Whilst Australia and New Zealand have not commenced their vaccination program, USA and UK are well-advanced,” Pherous said.

“The UK (population 67 million) has surpassed 15 million vaccinations, and the USA (population 329 million) has surpassed 50 million vaccinations.

“Both countries expect to have the high-risk segment of the population vaccinated in this quarter, potentially allowing a relaxation in travel restrictions much earlier than ANZ.

“Given 70 per cent of our pre-COVID revenue is derived from the UK and USA, we are well-positioned for the incremental revenue gains from travel relaxations in these markets.”


Featured image source: iStock/serts

Latest News

  • Cruise

Seabourn introduces enhanced groups programs for travel advisors

Leading ultra-luxury cruising and expedition travel company, Seabourne, proudly announces the “Seabourn Enhanced Groups Program” to elevate business prospects for travel advisors. This program introduces a revamped Tour Conductor Credit that offers shipboard credits or bonus commission for bookings. It also eliminates the need for deposits for small group allotments and increases group capacity. “Seabourn […]

  • Cruise

MSC World America to become the ultimate family destination at sea

MSC Cruises’ latest world-class ship is set to redefine family cruising with unprecedented spaces and activities, including ones developed in partnership with the LEGO® group. The cruise line announced that its new flagship will feature seven distinct districts, each bringing together a range of tailored experiences. The ship’s blend of American comfort and European design […]

  • Cruise

Ponant’s latest luxury cruise expeditions for 2024 and 2025

Head out to see the beauty of unique destinations on three bucket-list explorations of Australia with Ponant Cruise’s new luxury expeditions. Known for their luxury cruises, Ponant offers unique and truly exceptional sea voyage aboard sleek and intimately sized cruise yachts. They offer a range of discovery expeditions, and launched new cruises that take guests […]

  • News

Liz Anderson steps down from CATO Board after eight years of leadership

The Council of Australian Tour Operators (CATO) has today announced that Liz Anderson (at right) will be stepping down from the Board on Wednesday June 19, concluding her eight years as a director. “The eight years that Liz served on the CATO board were the most transformative time in the Association’s history,” CATO Chair Dennis […]

  • Attractions

Comedian Josh Thomas road tests swapping day job for Tassie odd jobs

Australians are invited to tap into a 200-million-day annual leave bank* and swap day jobs for one of 10 ‘Odd Jobs’ in Tasmania this off-season including Wombat Walker, Paranormal Investigator, Wine Whisperer and Truffler Snuffler. Tourism Tasmania has today launched Odd Jobs, a tongue-in-cheek campaign designed to encourage Australians to swap their day jobs for […]

  • Aviation
  • News

Christine O’Reilly to replace Peter Hay as chair of Australia Pacific Airports Corporation

Christine O’Reilly has been named as the new chair of Australia Pacific Airports Corporation (APAC) – the owner of Melbourne and Launceston Airports. According to a release, O’Reilly will replace Peter Hay on 1 October, who retires after five years as Chair of APAC. APAC CEO Lorie Argus said O’Reilly’s appointment comes at an exciting […]

  • Tourism

The number one thing you can’t forget if you’re going to Europe & The Olympics

As the Summer Olympics in Paris draws near, travel insurance comparison site Compare the Market is urging travellers to safeguard their European summer sports dreams by getting travel insurance for when the unexpected happens. While France seems like a decently safe country to visit, it’s crucial not to overlook the potential risks that could disrupt a holiday. From bed […]

  • Destinations
  • Partner Content

The Solomon Islands’ is ‘Kulture-plus’

Be grateful that your experience of 'headhunting' is limited to some random dude reaching out to you on LinkedIn.

Partner Content

by Travel Weekly

Travel Weekly
  • Cruise

Cruise Traveller’s new Scottish Highlands cruise tour package

Australian small ship cruising specialist, Cruise Traveller, offers a 20-night land and sea holiday in the UK aboard the Lord of the Glens. The tiny cruise line’s 52-guest boutique vessel, Lord of the Glens, is purpose-built to explore the intricate waterways and lochs of the Scottish Highlands. It boasts a rich, traditional ambience with polished […]

  • Cruise

Celebrity Xcel’s keel-laying ceremony in France, with 2025 inaugural sail planned

Construction has commenced on Celebrity Cruises’ next ship, Celebrity Xcel, with a keel-laying ceremony at the Chantiers de l’Atlantique shipyard in Saint-Nazaire, France. An Edge Series ship, Celebrity Xcel will set sail in autumn 2025, with several new yet-to-be-revealed offerings. At the ceremony, Jason Liberty, president and CEO of Royal Caribbean Group (RCG), the parent […]

  • Destinations
  • Tour Operators

Globus unveils nine new independent tours for 2025

Coach touring brand Globus has unveiled nine new independent tours for 2025, from Bangkok to Bali and Abu Dhabi to Nepal. “With Globus Independent tours, our guests are free to enjoy the many benefits of touring, untethered and unscheduled,” APAC head of marketing, Globus family of brands (GFOB), Chris Fundell said. “Providing hand-picked hotel accommodations, […]

  • Hotels

Mandarin Oriental Hotel Group opens Mandarin Oriental Mayfair

The Mandarin Oriental has opened a second property in London, the Mandarin Oriental Mayfair, in the heart of historic Hanover Square. Designed by internationally renowned Rogers Stirk Harbour and Partners, the hotel is the first new build in Mayfair in over a decade. Bringing a modern architectural approach to one of London’s most storied squares, […]