TUI Chief to Step Down in September

  • Stock Market News
TUI Chief to Step Down in September
Credit: © Reuters.

By Scott Kanowsky -- London-listed shares in TUI Group (LON: TUIT ) dropped after the world's biggest holiday group announced CEO Fritz Joussen will step down from the post in September.

Current chief financial officer Sebastian Ebel will replace Joussen at the helm of the company, TUI said in a statement. Mathias Kiep will take over as chief financial officer in October, the company added.

Joussen explained that he felt it was the right time for a change to be made in the leadership of the company, adding that TUI is entering the "next chapter" after weathering the shock to travel brought on by the pandemic.

"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," Joussen said in a statement.

Joussen's tenure saw the company reach a deal with the German government to receive state aid of €4.3 billion. Last month, TUI said it would return to profitability thanks to the end of COVID restrictions and subsequent recovery in tour package bookings.

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