Neil Morris, chief commercial officer, and Michelle MacMahon, chief financial officer, have stepped down from their roles at Thomas Cook.

Morris and MacMahon will leave the company by the end of the year, according to reports.

Morris, who joined Thomas Cook last year, has left to “pursue new challenges” and plans to leave at the end of October.

MacMahon, who was appointed chief financial officer for the UK and Ireland in April 2011, had been with the company for 13 years prior to the appointment. She will leave in December.

A Thomas Cook UK & Ireland spokeswoman said: “Michelle and Neil have been in discussions about their future plans for some time and we respect their choices and sincerely thank them for their contributions.”

The news follows shortly after the announcement that Thomas Cook would axe 430 jobs at its UK airline.