TUI Travel non-executive chairman resigns
Dr Michael Frenzel has stepped down as the non-executive chairman of TUI Travel.
He has been replaced by Friedrich Joussen, CEO of TUI parent TUI AG, with immediate effect. Joussen has been a member of the Executive Board since October last year and was appointed a non-executive director of TUI Travel on February 8.
Also, director of planning at TUI AG, Sebastian Ebel, will immediately join the TUI Travel Board as a non-executive director.
Sir Michael Hodgkinson, non-executive deputy chairman and senior independent director, said:
"The Group has benefitted through Michael’s knowledge and industry insight during his time as chairman. On behalf of the Board, I would like to thank him for his dedicated service and valuable contributions over the years.
"The Board and I would also like to welcome Friedrich and Sebastian to the business and we look forward to working with them over what will be a very exciting period of growth ahead."
Joussen said: "I am very much looking forward to becoming chairman of TUI Travel. As chairman, and at the same time representing the majority owner, TUI AG, I will actively support Peter Long(TUI Travel chief executive) in further developing the TUI Travel growth strategy, and in making TUI Travel even more profitable and more cash generative for the benefit of all shareholders."
At the same time, Peter Long will join the TUI Deutschland supervisory board in April and he will replace the former TUI AG chief executive Dr Michael Frenzel as chairman next year. Joussen said Long will oversee the improvement in the performance of the important German market.
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