Tui Group finance chief Horst Baier stepped down yesterday after 22 years with the company.
He was instrumental in the merger between Tui AG and UK-based Tui Travel four years ago.
His successor Birgit Conix takes over as chief financial officer today, at the start of the travel group’s of the financial year.
She has been a member of Tui AG’s executive board since July.
Baier (61) was appointed as an executive board member in 2007 and was CFO since 2010.
“Although he faced a challenging period characterised by the global financial crisis, disgruntled investors and break-up scenarios at the beginning of his board mandate, Tui successfully managed to get back on track for success during his term of office,” the company said.
He played a vital role in Tui’s restructuring in 2013 and the merger between Tui AG and UK-based Tui Travel at the end of 2014.
Baier drove Tui’s ongoing transformation as a tourism group with a focus on its own hotel and cruise brands as other non-core businesses and companies were sold, such as Hotelbeds Group and the specialist operators combined under the Travelopia brand.
Baier used part of the sales proceeds of around €2 billion to accelerate the expansion of the hotel portfolio and the cruise ship fleet and to further strengthen the balance sheet.
Group supervisory board chairman Dr Klaus Mangold said: “In particular the merger between Tui AG and Tui Travel PLC would not have been conceivable without Mr Baier’s strategic vision, unique expertise and special implementation strength.
“Through his work, he substantially helped shape Tui in the more than two decades of his affiliation to our group and secured the trust of the international capital markets and investors in Tui’s successful development and viability, above all in the past few years. Tui is in excellent financial health today, and this is due in large measure to Horst Baier.
“The group has excellent prospects for the future. Horst Baier leaves the organisation in great shape to his successor Birgit Conix.
“As a leadership personality with skill, foresight and empathy, Horst Baier remains a role model for many employees, and his work will continue to resonate with the group even after he leaves the organisation.”