Corporate Travel Management chief executive Jamie Pherous has rejected pressure to resign after the company admitted overcharging UK clients by $162 million, triggering a major audit by Deloitte and a suspension of its shares until 2026.
Pherous told The Australian on Monday: “I think I am fit to do it, I’ve got to run the company through this,” while confirming the board had not sought his departure.
The probe – now including European operations and a large UK Home Office contract – follows years of unusually high profit margins that hedge funds say never “made sense.”
CTM has stood down its top European executive as investigators examine possible wrongdoing, while Pherous declined to say whether other customers should be concerned, responding: “I can’t comment.”
Source: The Australian
