Tui AG boss Fritz Joussen is quitting Europe’s largest travel group after 10 years at the helm.
The company revealed today that the chief executive had “exercised his right to resign” from his office as a member of the executive board with effect from September 30.
Chief financial officer Sebastian Ebel is to step up as chief executive.
Ebel will be succeeded by Mathias Kiep, currently group director controlling, corporate finance and investor relations.
Both positions will be from October 1 for a period of three years.
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Joussen said: “When the pandemic in spring 2020 turned us into a company without a business virtually overnight, all our attention was focused on one goal: rescuing Tui.
“The immediate crisis management, which was about ensuring the group’s continued survival, has now been completed. We have a high level of liquidity, are no longer using state credit lines and the operating business is back: as announced, we expect a strong summer of travel almost at the level of 2019.
“Under new management, Tui is now starting the next chapter: a return to profitable growth – of course coupled with tasks from the crisis: reducing debt, strengthening the balance sheet and the further transformation of Tui.
“In addition, there are operational corona late effects for the entire industry in these weeks, for example at the airports and in flight operations.
“Now that the existential crisis has been mastered, the time is right for a change at the top of Tui. I am delighted that Sebastian Ebel, a new CEO with whom I have enjoyed a long and trusting working relationship, is to take over. Tui is in very good hands with him. Sebastian Ebel will lead Tui back onto the growth path.”
Tui AG supervisory board chairman Dieter Zetsche said: “The crisis threatening our viability has been mastered.
“We are now entering the next phase. Sebastian Ebel is to become Tui’s new CEO.
“He is an excellent choice for the new start after the corona crisis. As a member of the executive board, Sebastian Ebel was responsible for the strategic growth areas of hotels, cruises and activities for many years and developed them into the group’s most profitable segments.
“I have worked closely with him over the past years and greatly appreciate his expertise and reliability. I am convinced that he will lead Tui to new successes.
“He is extremely entrepreneurial and has clear strategic and operational ambitions for Tui’s development. He will drive the strengthening of the balance sheet and has clear ambitions for product, service and profitable growth of the business lines.”
He admitted that the supervisory board “regrets Fritz Joussen’s decision” and added: “Fritz Joussen took over a group threatened with being split up, successfully restructured it and gave Tui its current future-proof shape.
“This transformation is very much his success story. With a clear focus on the core business, the orientation towards a strong global brand, the massive expansion of the profitable segments hotels, cruises and activities and with the consistent digitalisation of the group, he has turned Tui into a company that was on course for growth until the pandemic.
“Fritz Joussen led Tui safely and with a clear focus through the existential corona crisis and laid the foundation for the group to now focus on profitable growth again.
“Tui is now more global, efficient and digital than ever before. This is to the credit of Fritz Joussen. I would like to thank him most sincerely for the very good and trusting cooperation over the past years – also on behalf of the entire supervisory board and all employees.”
Zetsche added: “Mathias Kiep was an important pillar of Tui’s crisis team, especially during the pandemic.
“He was closely involved in the stabilisation and the important steps towards debt reduction and refinancing. Not least because of his time as chief financial officer of Tui Deutschland, he also knows the operative business very well. I am pleased that with him we have an excellent manager from Tui’s own ranks.”
More: Tui chief says summer capacity will be scarce as demand maintained
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