Corporate Travel Management spooked investors on Thursday by announcing it was "broadening its senior management expertise". Which is one way to describe long-term CFO Steve Fleming taking a demotion to focus on its European acquisitions just weeks before the end of the financial year.

True, the already-London-based executive will stick around in the global CFO role until a replacement is found. But its highly possible someone else will be presenting the company's full-year results, the first since hedge fund VGI announced the short thesis in November that cruelled Corporate Travel's steadily (some might say implausibly) rising trajectory.