David Crossland, founder and chairman of struggling UK holiday firm MyTravel - formerly known as Airtours - has resigned with immediate effect.
Mr Crossland had originally planned to go last November but put off his retirement when the company hit a crisis last year. His deputy, Eric Sanderson, is to take over as chairman.
Last year, MyTravel
racked up annual losses of £72.8m. It was also forced to restate its profits for the previous year. Instead of the £81m profit announced in 2001, MyTravel said it actually made only £62m.
Its banks gave the company a reprieve in November to allow it to continue trading until the end of 2003.