British holiday company Thomas Cook said its chief executive Harriet Green was stepping down, two years after leading a turnaround of the group. Warning that its pace of growth would moderate next year to reflect a tougher trading environment, Thomas Cook said that Green would be replaced by chief operating officer Peter Fankhauser with immediate effect. The shares of Thomas Cook slumped as the market reacted negatively to this news and a warning from the holiday company that its pace of growth would slow in 2015 to reflect tougher trading backdrop.

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