Comtec announces departure of chief executive Mike Russell

Comtec announces departure of chief executive Mike Russell

Travel technology systems supplier Comtec has parted company with its chief executive Mike Russell.

The Cardiff-based firm credited Russell, who joined in May 2015 from rival Vertical Group, with leading the business back to profitability.

No reasons were given for his departure, but it was revealed operations director George Mortali will act as interim managing director.

Russell, who did not attend last week’s Travel Technology Europe where Comtec was exhibiting, headed up a successful refinancing of Comtec in October 2014.

This followed a turbulent period under the ownership of private equity investor RJD Partners and a saw a restructuring of the firm’s £4.5 million debt and capital investment of £1.4 million secured.

Russell said: “I am delighted by the achievements of Comtec and believe that the business is once again a real force in the market. 

“The staff at Comtec are some of the best in the industry and I am sure we will now see Comtec go from strength to strength.”
 
Chairman Simon Powell, who returned to the company he founded as part of the 2014 refinancing, added:

“Mike has helped Comtec achieve a great deal during his time in the business and has decided to pursue other business interests after the conclusion of the turnaround phase.  We wish Mike every success going forward.”

Last year Comtec, which supplies its core tour operating system Travelink to some of the UK largest travel companies as well as overseas customers, moved its headquarters from Cwmbran to Cardiff and hosting centre to Newport.

An ‘extended development centre’ partnership was launched in Russia and a successful graduate recruitment scheme was put in place closer to home.

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