Travelzest PLC, a company engaged in providing a range of online and specialist holidays, said Tuesday that Chris Mottershead will step down as the chief executive officer of the company.
Mottershead’s suspension has been lifted and he will remain an employee of the company until July 15 and a director of the company until further notice.
The board further announces that its investigation into the allegation of a potential misappropriation of company funds, which it announced on April 24, has been concluded.
The allegation is unsubstantiated and all monies are accounted for.
Whilst it is satisfied that it took all appropriate steps and acted in accordance with its obligations throughout the process, the board regrets any upset or distress caused to Mottershead as a result.
Jonathan Carroll, who has been acting as interim chief executive officer of the company since April 24, will replace Mottershead as chief executive officer with effect from Tuesday.
Mottershead said: “It is with some personal sadness that I will soon be leaving Travelzest to pursue new opportunities in the travel industry.
“Since I established the Company in 2005 I have shared some of the most challenging and rewarding years of my professional life with some extremely talented individuals whose contribution to Travelzest’s success has been invaluable.
“In addition to expressing my gratitude to them I would like to wish everyone involved with the company continued success in the future.”