TechnologyOne backs CFO Cale Bennett amid Corporate Travel overcharging scandal
TechnologyOne has backed finance boss Cale Bennett after shareholders raised concerns about his previous role at Corporate Travel Management.
The overcharging scandal plaguing Corporate Travel Management has forced TechnologyOne into a public show of support for its chief financial officer Cale Bennett, who is a former CFO of the stricken travel agent.
Mr Bennett served as Corporate Travel’s deputy global CFO from 2019 to 2021 and then as global CFO from 2021 to 2023. A stunning error detected by its new auditor meant Corporate Travel overcharged UK clients to the tune of $162m between financial years 2023 and 2025. KPMG is now running its ruler over its UK financial statements and the company’s shares will not trade until 2026, at the earliest.
TechnologyOne on Monday declared its support and regard for Mr Bennett, who left his previous employer in July 2023 before joining TechnologyOne in August of that year. The $9.4bn software giant’s chairman and CEO signed a joint statement following shareholder inquiries into his position.
“Cale has been at TechnologyOne for over two years and has done a good job of building out the company’s finance and corporate services capability and assisting the team grow TechnologyOne into an ASX50 company,” Pat O’Sullivan and Edward Chung said.
“Our chair and CEO have each spoken with Cale regarding the current issues at CTM … Cale is monitoring these proceedings closely and has stated to us that he is comfortable with his position and has the ability to continue leading the finance and corporate services teams.
“Consequently, because of our positive experience with him and his reassurances, TechnologyOne is also comfortable for Cale to continue to lead the finance and corporate services teams.”
Corporate Travel has promised to reimburse the overcharged UK customers and, at the request of the Australian government, has agreed to undertake an independent audit to prove it hasn’t been overcharging Canberra’s public servants, too.
The stock has been in a trading halt since mid-year, when it could not finalise its accounts, an anomaly explained at the time as being due to “potential adjustments required relating to the timing of the recognition of certain revenues and costs in the European region”.
Corporate Travel has had five CFOs, including four from 2019 to present. Its first, Steve Fleming, was CFO from 2010 until 2019. After the 2018 short attack by hedge fund VGI Partners which claimed financial irregularities, he moved to oversee the company’s UK operations before leaving that position after only three months.
That short attack was described in a 156-page report which documented the company’s alleged “supernormal profitability” and many red flags, chiefly the mismatch between its reported revenue and cash received.
Then chair Tony Bellas said the hedge fund’s claims were not supported by facts. Corporate Travel is now chaired by Ewen Crouch, a career lawyer who sat on Westpac’s board for six years.
As for Mr Fleming it appears he retired, with no reliable record of his professional work since. Neale O’Connell arrived next after serving as Tatts Group CFO for more than five years until it merged with Tabcorp in 2017. Mr O’Connell was CFO for two years, from 2019 to 2021, when he retired.
After a short stint at business-to-business music licensing company Songtradr as an adviser, per his LinkedIn, Mr O’Connell was interim CFO for troubled casino group The Star for one year until March 2025. Mr O’Connell currently serves as a board member of the Financial Executives Institute of Australia. And Mr Bennett served as CFO until July 2023.
He was applauded by his former boss, Corporate Travel managing director Jamie Pherous, upon his departure which prompted the market statement: “I want to thank Cale for his significant contribution to CTM. He has made a number of key improvements and is leaving the business in a better place. Cale’s aspiration was to remain in Brisbane and be part of an ASX100 company.”
Corporate Travel will be removed from the S&P/ASX 200 in the next index rebalance.
The Australian revealed on Monday litigation funders were looking into Corporate Travel’s mess and the overcharging of its UK customers, with any claim likely to involve allegations of misleading or deceptive conduct, and potentially breaches of continuous disclosure rules.
Company founder Mr Pherous has refused to step down insisting he is the right person to lead Corporate Travel out of its mess.
Corporate Travel’s Europe executive Michael Healy was stood aside when the overcharging issue came to light.
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Originally published as TechnologyOne backs CFO Cale Bennett amid Corporate Travel overcharging scandal
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