Travel Agents

Corporate Travel Management responds to boss’ embarrassing blunder

Corporate Travel Management (CTM) has responded to a media report that its founder and managing director no longer owns a single share in the company.

The Australian Financial Review revealed yesterday that the company Jamie Pherous (pictured above) held his 20.74 million shares in CTM under, Pherous Holdings, was deregistered on 8 March because it failed to pay its annual review fees to the Australian Securities and Investments Commission (ASIC).

Soon after the deregistration of Pherous Holdings, another company was registered under the same name on 14 March, with hedge fund VGI Partners – which has been vocally negative against CTM in recent months – named as its sole shareholder, according to the AFR.

CTM said in a statement to shareholders yesterday that Pherous has not sold any shares in the company and has no intention to do so.

“Mr Pherous has advised CTD that he will lodge the appropriate paperwork and outstanding fees as a priority this morning to seek reinstatement of his personal investment company,” the statement read.

The drama comes shortly after CTM announced the resignation of long-serving chairman Tony Bellas.

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