TUI stamps out speculation about new CEO
TUI has issued a statement following speculation in a German magazine about its senior management team.
Manager Magazin reported that Edwin Eichler, an executive at steel group ThyssenKrupp, will join TUI in the autumn before taking over from current CEO Michael Frenzel.
But professor Klaus Mangold, chairman of the TUI AG Supervisory Board, has rejected the speculation.
"Michael Frenzel has been appointed chief executive of TUI AG up until the end of March 2014," he said.
"Considering the complexity of the tourism business and the immense challenges at TUI it is of course only natural to start the search for a successor at an early stage. Mr Frenzel is integrated in this process. However, up to this juncture nothing has been decided regarding the timing or candidates."
Mangold added that neither the Presiding Committee of the Supervisory Board nor the Supervisory Board as a whole has considered persons or potential candidates.
He said a meeting of the TUI AG Supervisory Board has not been arranged for 9 August 2012.
"Moreover the options for the future strategic development of the TUI Group referred to in the article are pure speculation. Nothing has been decided on in this respect, neither by the Supervisory Board nor by shareholder groups."
by Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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