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Bloomberg
TUI AG Chief Executive Officer Fritz Joussen is set to leave after almost 10 years at the helm of the world’s biggest tour operator, having steered the company through the Covid-19 crisis.
Joussen, 59, will step down at the end of September, according to a statement. Chief Financial Officer Sebastian Ebel will replace him and Mathias Kiep, the head of investor relations, will become CFO. Both appointments will be proposed to the board for a three-year term. The shares fell 3.7% in London.
The move comes after TUI said that it would pay off about 1 billion euros ($1.1 billion) of government aid that helped see it through the pandemic, using proceeds from a share sale.
“Now that the existential crisis has been overcome, now is the right time for a change at the top of TUI,†Joussen said in a statement on the airline’s website.
The German holiday company was threatened with collapse when Joussen took the helm in 2013. He led a reorganisation that expanded further into hotels, cruises and activities to turn around the business.
In a separate letter to employees, Joussen said the new CEO would aim to reduce debt, strengthen the balance sheet and lead the company back to profitable growth.