Corporate Travel Management (CTM) founder and managing director Jamie Pherous has stepped down following the company’s disclosure that its UK division had overcharged clients to the tune of £77.6 million.
Pherous, who founded the Brisbane-based company in 1994, will retire from his executive and board roles with immediate effect and transition to a “strategic advisory role” for the next six months, CTM announced on Monday (2 February). Pherous remains the company’s largest individual shareholder, with a “vested interest in CTM’s long term success”, he said in a statement.
The company’s chief commercial officer Ana Pedersen, who joined CTM in October 2024, has been appointed as acting group CEO. Former BCD Travel president and CEO John Snyder has also been brought in as a special advisor.
CTM chairman Ewen Crouch said “now is the appropriate time to accelerate the transition to a refreshed corporate structure” after the company dismissed its chief executive for Europe and the UK, Michael Healy, in December following revelations that it had overcharged a "small number" of UK-based customers, including the UK government.
Governments in both the UK and Australia have since launched investigations into the company’s accounts.
CTM’s financial troubles first came to light last August when it voluntarily suspended its shares from trading on the Australian Stock Exchange (ASX) after an audit discovered accounting discrepancies across its European operations.
The company’s shares remain suspended, while the publication of its FY25 financials has been repeatedly delayed. An update on the publication of its 2025 accounts is expected this month.
“We recognise the frustration and disappointment of our shareholders and are taking all practical and responsible steps to address the issues that have arisen and support CTM's shares being reinstated for trading on the ASX as soon as possible,” Crouch said in a statement.
“Ana will lead the process of finalising our FY25 financial accounts, while maintaining an unwavering focus on client service.”
Commenting on her appointment, Pedersen added: “My immediate priorities are to bring clarity and confidence as we work toward CTM's shares being reinstated for trading on the ASX. 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,” she said.
According to the company’s most recent financial statement – an unaudited account for the three months to 30 September 2025 – CTM reported a 6 per cent year-on-year increase in revenues to AU$180.2 million. EBITDA (earnings before interest, taxes, depreciation and amortisation) also increased 29 per cent year on year, with Europe recording the strongest growth following “significant” customer wins and an increased share in government panel contracts in FY25, CTM said at the time of publication.
CTM had also reported a 98 per cent customer retention rate for FY25, along with customer wins worth AU$1.72 billion. Between July and 30 September 2025, the company said it secured additional client wins to the value of AU$430 million. At 30 September 2025, the company reported a cash balance of AU$168 million, with no drawn debt.
Tony O’Connor, managing director at travel procurement consultancy Butler Caroye, said the TMC’s remaining credit facility “might prove to be a lifeboat out of this situation”.
“The two main threats to CTM's survival at this point are litigation and liquidity: being sued by shareholders and not having the cash to cover the client repayments, especially if it loses accounts,” he said. “Leadership change is meant to signal accountability at the top, a separation from previous ways, and seriousness about remediation.”