Jamie Pherous, founder and managing director of Corporate Travel Management, has stepped down following the company’s disclosure that its UK division had overcharged clients by about $100 million.

Pherous, who started the Brisbane-based company in 1994, will retire from his executive and board roles immediately and transition to a “strategic advisory role” for the next six months, CTM announced. He remains the company’s largest individual shareholder, with a “vested interest in CTM’s long term success,” he said in a statement.

Ana Pedersen, the company’s chief commercial officer, has been appointed as acting group CEO. John Snyder, former BCD Travel president and CEO, has been brought in as a special advisor.

Ewen Crouch, CTM chairman, 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 the TMC had overcharged a “small number” of UK customers , including the UK government. Governments in both the UK and Australia have launched investigations into the company’s accounts.

CTM’s financial problems emerged last August when it voluntarily suspended its shares from trading on the Australian Securities Exchange (ASX) after an audit discovered accounting discrepancies across its European operations.

The company’s shares remain suspended, while the publication of its fiscal year 2025 financials has been repeatedly delayed. An update on the publication of its 2025 accounts is expected this month.

“We recognize 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.

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.”