Cheapflights to Restructure Management

9th May 2005

Cheapflights intends to strengthen and restructure its senior management team to accelerate its next period of growth
The Company will be recruiting a group Chief Operating Officer in the UK, reporting to the CEO, and a General Manager USA in the USA to lead its Boston based operation and spearhead growth in the huge US market.  The US has significant further potential for the Company.  Hugo Burge, currently undertaking both roles, will be promoted to Vice-Chairman and Head of International and will continue to report to David Soskin who remains as Chief Executive.  The Company has retained the premier provider of senior-level executive search services in London and in New York, Heidrick & Struggles, to recruit these important additions to Cheapflights’ executive management team.

David Soskin, Cheapflights’ CEO commented: “Cheapflights has always undertaken a prudent approach to building its business.  Our solid growth has been through investment in people and technology to provide the best possible user online experience and content.  This has been funded from profits without resorting at all to external funding.  With the prospect of our second decade drawing closer, we have the resources to put in place the management tools to support our planned expansion of the business.  We have in prospect further significant improvements to our websites and the further growth of our successful business in the vast US travel market.  With our scaleable and proven business model, we also need to address the potential of the European and Asian markets and Hugo will now be able to focus on these important growth areas supported by the new appointees.”

Commenting, Heidrick & Struggles London partner Peter Breen added: “Cheapflights is an excellent business, with a very strong growth trajectory ahead of it. Exactly the right sort of profile business to attract executives who are tired of the “regular corporate treadmill” and want to join a company where their impact can be readily measured, whilst bringing the right sort of experience to help Cheapflights through the next phase of its growth.”


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