By Jonathan Davies

Thomas Cook chief executive Harriet Green has resigned with immediate effect in a shock move.

Ms Green has widely been credited with the turnaround of the travel company. When she took over two years ago, its shares were 14p each. They closed at 139.9p on Tuesday night.

She will be replaced by chief financial officer, Peter Fankhauser.

Ms Green said: "I always said that I would move on to another company with fresh challenges once my work was complete. That time is now."

Thomas Cook also reported a 44% rise in earnings for the year to the end of September. Despite the £323m ($507m) figure, the company did say that results next year are likely to be worse due to tougher market conditions.

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