Corporate Travel Management’s founder and chief executive, Jamie Pherous, will step down from his position as the company continues to face challenges regarding its ASX listing. Pherous will transition into a strategic advisory role for six months to assist with the change. Corporate Travel provides travel management solutions to businesses and government organisations. It aims to streamline travel processes while reducing costs.
Ana Pedersen, currently the chief commercial officer, has been appointed as the acting CEO. The board of directors will conduct an extensive search to find a permanent replacement. Additionally, John Snyder will serve as a special advisor during this transitional period, offering further guidance and support to the leadership team.
The ASX-listed company has been under scrutiny following revelations of overcharging clients, including the UK government, by approximately $161 million. Investors have been warned that the company’s financial liabilities may increase. Trading of Corporate Travel shares has been suspended since August after material errors in its financial accounts were discovered. These discrepancies potentially extend back several years.
Corporate Travel appointed Deloitte as its auditor in October 2024, replacing PwC after more than 14 years. In the UK, KPMG has been engaged to perform a forensic investigation into the company’s accounts, involving a review of 47,000 documents and analysis of 1.5 million sales and purchase transactions.
