Fritz Joussen has become the sole chief executive of Tui AG after Peter Long was elected as a new supervisory board member.
The decision was confirmed at the company’s annual general meeting in Hanover earlier today.
Until December 2014, Long was chief executive of Tui Travel Plc, Tui’s tourism subsidiary created through the merger between First Choice and Tui AG’s tourism division in 2007.
Following the merger between the British subsidiary and the German parent company, he became one of the two joint chief executives of the newly formed Tui Group alongside Joussen in December 2014.
When the merger was completed at the end of 2014, it was decided that Fritz Joussen was to become sole chief executive after the end of a transitional year of joint management by two chief executives, and that Long was going to step down from his role on the executive board.
During the meeting attended by 1,600 shareholders the board also approved a dividend of €0.56 per share for the completed financial year 2014/15.
Prof. Dr Klaus Mangold was also re-elected as chairman of the supervisory board, with Sir Mike Hodgkinson re-elected as vice-chairman.