Queensland travel company founder retires amid accounting controversy
The managing director of a beleaguered ASX-listed Queensland company has fallen on his sword, 32 years after he founded the business.
Corporate Travel Management founder Jamie Pherous has announced his retirement from executive and board roles effective today following the business having to stay in a trading halt for five months due to accounting errors, which meant it was unable to finalise its accounts.
“I acknowledge the challenges arising from the recent accounting matters and the company’s suspension, and the impact these have had on our customers, employees and investors,” Pherous said today.
“In the best interests of the company, I have decided to retire as chief executive officer to allow new leadership to focus full on the task ahead. I will continue to support the business in my capacity as an advisor and its largest individual shareholder and have a vested interest in CTM’s long term success.”
The error led to major refunds to customers, including one totallling $160 million to the British government.
Perhous, also managing director of the travel company, founded the business 32 years ago in Brisbane.
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“What began as a small Brisbane travel agency has grown into a global organisation, driven by the hard work, commitment and ingenuity of our people,” Pherous said.
Chief commercial officer Ana Pederson will take on the CEO role on an acting basis while the company undertakes a search for a new boss.
Pherous will transition to a strategic advisory role under a consulting agreement for a period of six months today.
The outgoing CEO said “building CTM has been a great privilege”.
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“Since founding the business 32 years ago, CTM has significantly expanded its global footprint and continues to deliver meaningful innovation while servicing a high-quality portfolio of clients,” he said.
Pherous said Pederson was an “excellent choice”.
“She has developed a strong connection with our people, clients and partners,” he said.
“I have every confidence that she will position the company for sustainable success well into the future.”
Pedersen joined CTM in 2024, having previously held leadership roles across sectors including corporate travel, hospitality and technology.
“Stepping into the role, my immediate priorities are to bring clarity and confidence as we work toward CTM’s shares being reinstated for trading on the ASX,” she said.
“This means finalising our accounting matters with integrity and certainty, and, in partnership with the board, strengthening governance and controls.
“At the same time, we remain laser-focused on client delivery, which continues uninterrupted, and on supporting our people, who are critical to our success.”
For more news on appointmnets in Queensland, read Corporate Ladder.
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