Corporate Travel Management’s Company Secretary and Group Chief Legal Officer, Shelley Sorrenson, has resigned, with the ASX-listed corporate travel manager confirming the departure will take effect 14 August 2026.
In a brief statement to the market this morning, CTM (ASX:CTD) said the board had thanked Sorrenson for her contribution to the business and wished her well in her future endeavours. The company gave no reason for the exit and said it would update the market once a replacement Company Secretary is appointed.
Photos obtained by Travel Weekly of CTM’s Sydney office show a noticeably quiet floor, with just a handful of staff visible at desks.
The resignation lands in the middle of one of the most turbulent periods in CTM’s history. The company’s shares have been suspended from trading since August last year, and it has repeatedly pushed back lodgement of its FY25 and first-half FY26 financial statements – most recently to August 2026 – as an audit process uncovers fresh accounting problems layered on top of an already-costly UK overcharging scandal.
In late June, CTM disclosed it would restate FY24 ANZ revenue by $10–15 million, with roughly 80 per cent of that figure tracing back to financial years FY19 to FY23 and related to rebates under certain contracts. It also flagged a separate review of CTM UK’s air booking margin contracts, with an unspecified number requiring further assessment and the financial impact still undetermined.
Those findings came on top of an independent KPMG review in April that lifted the estimated UK customer refund liability to £118 million ($222 million) – up from £80 million reported in February – and alleged that fake documents had been presented to the board by a senior UK executive. CTM has also booked goodwill impairments of £92 million in Europe, $77 million in ANZ and US$49 million in North America, citing more conservative growth forecasts, a higher cost of capital and increased investment in governance.
As Group Chief Legal Officer, Sorrenson’s remit would have placed her at the centre of the company’s response to the governance and disclosure issues underpinning the scandal, including the board’s dealings with KPMG and its ongoing discussions with lenders over funding for the UK remediation.
CTM has not indicated whether the resignation is connected to the broader fallout.
CTM uncovers Australian revenue errors dating back to 2019, delays financial statements
