Long-standing Tui AG chairman Michael Frenzel has confirmed that he plans to resign from the travel group.
He is expected to stand down as early as the next board meeting on March 25.
New Tui AG chief executive Friedrich Joussen, who took up the role yesterday, is to replace Frenzel.
Former Vodafone in Germany chief executive Joussen was appointed as a member of the executive board of Tui AG in October.
Frenzel announced his intention to step down last summer. He joned Tui’s predecessor Preussag in 1988 and is now chairman of the World Travel & Tourism Council.
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