Tui AG rejects Frenzel succession claims

Tui AG rejects Frenzel succession claims

German travel group Tui AG yesterday rejected a report claiming that an executive from steel group ThyssenKrupp was due to take over as chief executive from next year.

Manager Magazin reported that Edwin Eichler, head of Thyssen's materials division and chief executive of its Steel Europe and Steel Americas units, would join Tui in the autumn before taking over from current boss Michael Frenzel next February.

Frenzel, whose contract runs until March 2014, has headed the company since 1994, transforming the then Preussag conglomerate via a series of acquisitions into Tui AG, which controls Europe's largest tour operator Tui Travel.

Tui supervisory board head Klaus Mangold told the Reuters news agency: "While it is natural to begin the search for a successor in good time given the complexity of the tourism industry and the challenges facing Tui, there has been no decision as to the timing or the candidates."

Eichler said he would fulfil his contract at the steelmaker, where he is due to stay until September 30, 2017, and was not available for other roles.


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