Corporate Travel Management (CTM) has announced that founder and managing director Jamie Pherous will retire, effective immediately.
The move comes nearly six months after trading in CTM shares was halted following revelations that the company was involved in an overcharging scandal worth more than $100 million.
Pherous will now take on a “strategic advisory role” in the company under a six-month deal.
While it looks for a permanent chief executive, the CTM board has appointed chief commercial officer Ana Pedersen as Acting Group CEO.
Having joined Corporate Travel Management in October 2024, Ms Pedersen is a relative newcomer to the business. But in an ASX statement, CTM said Pedersen brings “a wealth of experience in global travel and corporate services”, including senior leadership roles in corporate travel, hospitality and technology.
Meanwhile, former President and CEO of BCD Travel, John Snyder, has been named a special advisor at CTM as the company seeks a return to trading on the ASX.
CTM Chairman Ewen Crouch said that “now is the appropriate time to accelerate the transition to a refreshed corporate structure”.
“In reaching this decision, we recognise that new leadership is well placed to drive our short-term priorities, while ensuring CTM continues to evolve as a strong, well‑governed and resilient organisation,” he added.
“We recognise the frustration and disappointment of our shareholders and are taking all practical and responsible steps to address the issues that have arisen and support CTM’s shares being reinstated for trading on the ASX as soon as possible.
“In the relatively short time Ana has been with CTM, she has demonstrated excellent leadership, sound judgment and a deep commitment to our clients and people. Ana will lead the process of finalising our FY25 financial accounts, while maintaining an unwavering focus on client service.”
CTM founder Jamie Pherous said it had been a “great privilege” to build the company from a small Brisbane travel agency into a global organisation.
“Since founding the business 32 years ago, CTM has significantly expanded its global footprint and continues to deliver meaningful innovation while servicing a high-quality portfolio of clients,” he remarked.
“I acknowledge the challenges arising from the recent accounting matters and the company’s suspension, and the impact these have had on our customers, employees and investors.”
Ms Pedersen said her “immediate priorities are to bring clarity and confidence as we work toward CTM’s shares being reinstated for trading on the ASX”.
“This means finalising our accounting matters with integrity and certainty, and, in partnership with the board, strengthening governance and controls.”
KARRYON UNPACKS: A leadership reset at Corporate Travel Management marks a turning-point moment for the group. For clients and investors, stability now hinges on governance fixes, clear numbers and whether confidence can be rebuilt, quickly.
