Tui boss Fritz Joussen resigns

Tui AG boss Fritz Joussen is quitting Europe’s largest travel group after ten years at the helm.

The company revealed today that the chief executive had “exercised his right to resign” from his office as a member of the executive board with effect from September 30.

Chief financial officer Sebastian Ebel is to step up as chief executive.

He will be succeeded by Mathias Kiep, currently group director controlling, corporate finance & investor relations.

Both positions will be from October 1 for a period of three years.

Joussen said: “When the pandemic in spring 2020 turned us into a company without a business virtually overnight, all our attention was focused on one goal: rescuing Tui.

“The immediate crisis management, which was about ensuring the group’s continued survival, has now been completed. We have a high level of liquidity, are no longer using state credit lines and the operating business is back: as announced, we expect a strong summer of travel almost at the level of 2019.

“Under new management, Tui is now starting the next chapter: a return to profitable growth – of course coupled with tasks from the crisis: reducing debt, strengthening the balance sheet and the further transformation of Tui.

“In addition, there are operational corona late effects for the entire industry in these weeks, for example at the airports and in flight operations.

“Now that the existential crisis has been mastered, the time is right for a change at the top of Tui. I am delighted that Sebastian Ebel, a new CEO with whom I have enjoyed a long and trusting working relationship, is to take over. Tui is in very good hands with him. Sebastian Ebel will lead Tui back onto the growth path.”

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