Tui parent announces chief executive departure

Tui parent announces chief executive departure

Long-standing Tui AG chief executive Michael Frenzel is to step down next year.

The German travel giant has named Friedrich Joussen, who has led Vodafone’s business in the country for seven years, as his successor.

Joussen will join the management board in October and take over as chief executive in February 2013.

Tui said Frenzel would continue to support the company during the transition period and introduce his successor to the role.

Frenzel helped re-position former industrial conglomerate Preussag as a travel services company that today controls Europe’s largest travel group, Tui Travel.

This came about through the takeover of Thomson Travel 12 years ago and a stake in the French holiday company Nouvelles Frontières.

A stake in container and cruise shipping company Hapag-Lloyd was acquired in 1997. Tui AG agreed to reduce its holding in Hapag-Lloyd from 38% to 17% in February.

Frenzel remains chairman of the World Travel and Tourism Council and will continue to represent Tui on the Council.

Tui AG supervisory board chairman Klaus Mangold said: “Under Michael Frenzel’s leadership a global tourism company leading the European market has successfully been established.”

He added: “With Mr Joussen, Tui AG has won a highly renowned manager with international experience, in particular in the Anglo-Saxon environment, playing a crucial role for Tui.”

Joussen has “a wealth of experience in the distribution of complex products”, Tui said.


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