Turnaround specialist for MyTravel

STRUGGLING tour operator MyTravel has brought in yet another executive to try to turn the business round.

It has appointed 67-year-old Michael Beckett to replace chairman Eric Sanderson, who is retiring after 17 years with the former Airtours group at next month's annual general meeting. He has been in the chair for just 12 months.

Beckett, who has a reputation for reviving flagging firms, will get £200,000 a year and has waived the right to a 'product review allowance' - freebie holidays.

He already chairs a string of mid-tier firms, including casino operator London Clubs International, mining group Ashanti Goldfields and shipping broker Clarkson.

During the past two years, debt-laden MyTravel has laid off some 2,000 staff and issued five profits warnings. It lost nearly £1bn last year after a swathe of write-downs.

Earlier this month, it was engulfed in a 'rewards for failure' row after it emerged that the operator paid £4.5m to clear the decks of its former directors.

One analyst said: 'MyTravel is being run by the banks, - they're just trying to get their money back. I think this appointment reflects that.'