TUI chairman Dr Michael Frenzel will be succeeded in February 2013 by the head of Vodafone in Germany, Friedrich Joussen.
The company announced today that Dr Frenzel will retire at his request at the board's AGM next year, after 25 years' service.
Joussen will join TUI AG's executive board in October and will assume the role of CEO from February 13.
In a statement released today, TUI said: "Dr Michael Frenzel, who had joined Preussag AG in 1988, has successfully transformed a company operating in the coal and steel industry into a global tourism player. Today, the market leader in tourism generates turnover of approximately €17.5 bn with 73,700 employees. Its largest subsidiary is TUI Travel plc.
Prof. Dr Klaus Mangold, chairman of the supervisory board, thanked Dr Frenzel for his "outstanding" work: "Under Michael Frenzel's leadership a global tourism company leading the European market has successfully been established. The Supervisory Board thanks Dr Frenzel for his successful work over many years."
By Linsey McNeill
Tuesday, July 31, 2012