The new position comes as part of a senior management restructure which has seen the previous deputy MD, Richard Carrick, promoted to MD.
Waggott joined Airtours Holidays, the UK tour operating division of Airtours Plc, in 1996, and was promoted to FD two years later.
He will retain this role and continue to head a department of 150 responsible for all aspects of finance - including UK purchasing and properties - for the company which has a turnover in excess of £1bn.
He began his career at Coopers & Lybrand and was previously worked at Courtaulds Textiles plc.
He commented: 'These are exciting times for Airtours holidays.'
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