It was an evening of elegance and emotion as the company’s top leadership, and special guests, friends and well-wishers gathered at the Taj Mahal Hotel in Mumbai to bid farewell to our Executive Chairman- Madhavan Menon, marking the end of an extraordinary era. With Senior Management, Managing Directors, and special invitees in attendance, the dinner was a fitting tribute to a man who shaped the company’s journey for over two decades. The atmosphere was one of respect and celebration, as heartfelt speeches, clinking glasses, and warm camaraderie set the tone for a memorable night.
Prem Watsa – Chairman & CEO Fairfax Financial Holdings, and his wife Nalini, had come all the way to Mumbai to host this special event.
Speaking on the occasion, Prem started by saying: “Let me tell you about Madhavan Menon!”
Then he paused, and said: “What can I say? He has so many honours, I don’t know where to begin! Among the big accolades was being chosen for the ‘Gallery of Legends’ by India Travel Awards; and getting the Best Annual Report, both in 2024.”
He spoke glowingly of Madhavan’s numerous achievements, and his ability to handle any challenge calmly. He mentioned how he had steered the company during Covid with great equanimity and courage.
“Whenever we had a tough situation in India over the years, we would say just call
1-800-Madhavan!” laughed Prem.
Prem said he was so happy they had bought Thomas Cook. When Fairfax acquired it from the UK, in August 2012, Thomas Cook had about $80 million revenue in about 5 countries. Madhavan had just become the CEO. Today it has grown to $1 billion in revenue, and spread to 29 countries!
The Fairfax Chairman went on to say that one of the great things Madhavan had also done was to develop good leadership.
“He introduced me many years ago to Mahesh and Dipak and Vishal,” said Prem. “So with these three leaders, we do not have to worry about succession, for they all run the company so well.”
He said Mahesh Iyer had been in Thomas Cook for 27 years, basically his first job. So he literally knew Madhavan from day one… which is approximately 25 years, and would have gained a lot from his experience.
“Mahesh is going to be a terrific MD & CEO,” asserted Prem. “He loves Thomas Cook, and that is the kind of CEO we want. We want people who love the company and share its values and ideals.”
Prem also said he had known Madhavan and his wife Lili for a long time and knew he was a great family man, a good husband, father and grandfather. He wished them all happy times after the retirement.
The Chairman concluded with a pertinent quote by Ralph Waldo Emerson:
“’An institution is the lengthened shadow of one man’, Prem said, “And that man, for Thomas Cook India is Madhavan Menon!”
When it was Madhavan’s turn to respond, he said he didn’t have very much to say, because Prem had stolen all his thunder!
But he did say a lot with heartfelt warmth!
“It is an absolute pleasure to be surrounded by so many friends and colleagues,” said Madhavan. “Prem, I am truly humbled and honoured. Thank you very much for hosting this special evening.”
Madhavan also thanked everyone else for sparing the time to come, especially those who had been with him through the years.. He specifically thanked the Directors of the three companies—Thomas Cook, SOTC and Sita for being there. It was really meaningful for him, as they had all worked so closely together. He thanked the DMC MDs, and Ram for having come all the way too.
He said his “list’’ of gratitude was ‘too numerous’, but acknowledged many who were present that evening. Among them was ‘a very special guest’, Mr. M.K Sharma ex-Chairman of Thomas Cook.
“He guided me a lot along the way,’ said Madhavan, “In fact, he had joined the Board even before Fairfax became a shareholder, and I asked him who Mr. Prem Watsa was!”
Madhavan admitted that, ever since he had met Prem, in 2012, he felt he was a ‘masterclass in leadership. … humble, yet dynamic’, and Madhavan had ‘shamelessly tried to copy that man’ and emulate his management style!
Madhavan continued down his list, thanking all the managing teams of TCIL, SOTC and Sita.
“You are the people who have built this Group, and we are the ones who got together to make this happen. Over the last 13 years we have been through many ups and downs, and it is Prem’s trust and faith in me that has given me the strength to face everything along the way.”
He specially expressed gratitude to his executive assistant Lakshmi who had learnt to deal with his whims and foibles with practiced calm, and who had served him loyally and faithfully for 25 years!
Most importantly, he introduced his family… His wife Lili, Pooja-Rohan and Shanker-Devika, whom he described as his ‘conscience keepers’!
“I cherish being married to Lili, my wife of 43 years,’ he said. “Although I could not always be there, when my children were growing up, I give her full credit for having brought them up as confident and likeable people.”
He concluded by saying: “When I look back on these 25 years, I think of so many experiences, many of which I cherish and will carry for the rest of my life! I do believe Thomas Cook is in good hands and already on a new trajectory, financially strong and in safe hands. I am very confident and proud of Mahesh and the team. The organisation is better than it ever was, and will continue to be!”
He ended with a simple ‘Namaste’, saying: “I go with gratitude and humility.”
As the evening drew to a close, what lingered was not just the glow of the chandeliers or the fine wine, but the deep admiration and affection everyone felt for a leader who led with wisdom, vision, and grace.
A big shout-out to Dipak Deva and his team for organising the event so perfectly all the way from Delhi.
The formal farewell dinner was more than a grand send-off— it was a reflection of the legacy Madhavan Menon leaves behind for those who were fortunate to walk along-side him these 25 years!
Scroll down to get some more glimpses of that special evening!
