Corporate Travel Management (ASX:CTM) announced that its founder and managing director, Jamie Pherous, has retired from all executive and board roles with immediate effect.
Pherous, who built the global travel giant over a 32-year tenure, will transition to a strategic advisory role for a six-month consulting period.
The sudden exit comes as CTM struggles to navigate a period of severe instability; the company has been suspended from the ASX since August following its failure to release FY25 financial results.
The crisis deepened in November when the group scrapped its earnings guidance, followed by the dismissal of its UK and Europe CEO, Michael Healy, in December 2025.
Chief Commercial Officer Ana Pederson has stepped in as acting group CEO while the board initiates a global search for a permanent successor.
To bolster leadership during this transition, former BCD Travel chief John Snyder has been recruited as a special advisor.
Despite his exit, Pherous remains CTM's largest individual shareholder.