Former Daimler and Mercedes-Benz chief Dieter Zetsche has been elected as new chairman of Tui Group.

He succeeds Klaus Mangold, who has stepped down as planned after eight years.

Mangold was responsible for overseeing the merger with former Thomson and First Choice parent Tui Travel.

He said his term as chairman was characterised by major changes within both the sector and Tui.

“Today, Tui Group is in bouncing good health and remains a growth company,” said Mangold.

“Following a phase of restructuring and realignment, the post-merger economic and cultural integration of Tui Travel has been successfully completed.

“Tui has transformed from a traditional tour operator into a group investing in own hotels and cruise ships.

“With Dieter Zetsche, a very successful entrepreneur is joining us.

“He will contribute his excellent international management experience to benefit Tui.”

Zetsche said: “During Klaus Mangold’s tenure at the helm of the supervisory board, the group delivered an excellent development.

“During that period, its transformation as an integrated tourism group was successfully implemented and Tui was placed into a globally leading position.

“I am looking forward to my new role, and I will be working together with the executive board and our 70,000 employees to ensure that Tui will continue its successful path.”