Tui Travel chief executive Peter Long has had his contract extended by two years until August 2014. The contract had been due to expire this year.
The 59-year-old Long has been running the tourism division of Tui AG since 2007, having joined the management of First Choice in 1996. He was appointed its chief executive in 1999.
As well as confirming Long’s contract extension, the supervisory board of German travel giant Tui AG agreed to extend the contract of chief executive Dr Michael Frenzel by two years to March 2014. The contract was originally set to expire in March 2012.
Board chairman Klaus Mangold said: “The Tui group is currently in the middle of a strategic change process.
“The supervisory board has therefore asked Dr Michael Frenzel to extend his contract by two years in order to be able to complete the sale of the group’s stake in Hapag-Lloyd without any time pressure and to further the development of the group’s core tourism business under his leadership.“
Frenzel was appointed as board member for the logistics and trade division of the then Preussag in 1988. Six years later he became chief executive of Preussag, which was re-branded Tui AG in 2002.
Since 1998 Frenzel has also been chairman of the supervisory board of container shipping company Hapag-Lloyd and chairman of the supervisory board of Tui Travel since 2007.