Published on Thursday, May 31, 2012
Dr Peter Engelen has resigned from TUI AG’s Executive Board at his own request.
He has asked the company's Supervisory Board to terminate his contract a year early on August 31.
Engelen was responsible for human resources, sustainable development, legal affairs and compliance.
He has been a member of TUI AG’s Executive Board since 2001.
"We thank Dr Engelen for his successful and crucial service over many years,: said Dr Klaus Mangold, chairman of the Supervisory Board of TUI AG.
"The Supervisory Board wishes him all the best and every success for his personal and professional future."
TUI AG is now looking to recruit his successor.
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The recent insolvency of Low Cost Travel Group, one of the large players in the travel industry had a big impact on the travelers, hotels and all related players from both wholesale & retail arms. There were about 27,000 people on a holiday who had booked through the company comprised of a €200 million wholesale arm and €500 million OTA / retail arm.