Status: 06/24/2022 11:04
Longtime TUI boss Fritz Joussen surprisingly left the world’s largest travel group prematurely at the end of September this year. His successor has already been determined.
The TUI travel group loses its longtime boss. The company announced in the morning that CEO Fritz Joussen would be stepping down at the beginning of September 30. The Executive Committee of the Supervisory Board proposes current CFO Sebastian Ebel as his successor to the Supervisory Board. Ebel will initially take office for three years. Joussen’s contract actually lasted until September 2025.
The chairman of the supervisory board, Dieter Zetsche, said in a press release: “The conversion, digital transformation and rescue of TUI in the Crown crisis are the enduring merits of Fritz Joussen. The acute phase of the crisis is over. Sebastian Ebel is a CEO with a strong entrepreneurial spirit ready for the new beginning after the Crown. His goal is to strengthen the balance sheet and profitable growth. “
“Immediate crisis management completed”
Joussen has led the group since 2013. Prior to his career, the Duisburg-born manager headed the German division of the Vodafone telecommunications group. During his tenure at TUI, the group fell into a major crisis as a result of the pandemic and was also supported with billions in government aid. The company is now benefiting from the growing demand for travel.
“The immediate management of the crisis, which consisted of ensuring the continued existence of the group, has now been completed,” Joussen said in the press release. After the existential crisis, now is the right time for a change at the top of TUI.
In the first half of the 2021/22 financial year, i.e. from the beginning of October to the end of March, the company had achieved a turnover of approximately 4.5 billion euros. More than six times as much compared to the same period the previous year, which was hit by the pandemic, the conclusion is that the consolidated loss has halved to 708 million euros.
Investors also seem to regret the loss: the stock falls significantly more than the overall market.