Allegations by online travel specialist Travelzest over “potential misappropriation of company funds” by its CEO Chris Mottershead have been dropped but he will step down from his role and leave the company next month.
Jonathan Carroll, who has been acting as interim CEO since the accusations were brought in April, will replace Mottershead as CEO with immediate effect.
Mottershead took legal action against Travelzest following its announcement to the London Stock Exchange that there had been an alleged misappropriation of company funds and that he had been suspended.
The news came days after it was revealed that Mottershead was planning to join larger rival Tui.
A statement from his lawyers today confirmed that the company’s investigation into the allegation has been concluded and his suspension lifted.
“The allegation has been found to be unsubstantiated and all monies have been accounted for.
“All matters in dispute between him and the company have been satisfactorily resolved.”
Mottershead has decided to step down as CEO and will leave to company next month.
He said: “It is with some personal sadness that I will soon be leaving Travelzest to pursue new opportunities in the travel industry.