TUI CEO to step down at end of September

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TUI CEO to step down at end of September

After helming the world's largest holiday group for nearly a decade, Reuters-TUI said on Friday that Friedrich Joussen will step down as chief executive officer at the end of September.

Finance chief Sebastian Ebel was named as Joussen's successor and said it would propose naming the incoming CEO as chairman of the board.

When the pandemic turned us into a company without a business virtually overnight, all our attention was focused on one goal: rescuing TUI, Joussen said.

Now that the existential crisis has been mastered, the time is right for a change at the top of TUI. In October, TUI said that Mathias Kiep will take over the role of chief financial officer from Ebel.

TUI last month said it expects to become profitable again in 2022 as countries lift restrictions and people book package tours, eager to pay more for hotel grades or extra services on their long-awaited vacations.

Germany had given TUI aid of 4.3 billion euro $4.52 billion Ebel, a company that has weathered the worst of the Pandemic, but still has some tough decisions ahead to counter travel delays in Europe and to fix the balance sheet in the long-term, according to Bernstein analysts.