TUI's new CEO plans operations overhaul with $1.3 billion profit goal
Skift Take
TUI has few opportunities left to reinvent itself into a company that will stay alive and thrive in the 21st century travel industry; what emerges at the end of this process will determine that fate.
TUI AG said it plans to generate 1 billion euros ($1.3 billion) in operating profit by 2015 and resume its dividend as new Chief Executive Officer Friedrich Joussen overhauls Europe’s largest tour operator.
Joussen, who took over from Michael Frenzel in February, will cut administrative costs and jobs at the corporate headquarter in Hanover, Germany, reduce interest costs to about one third of the current 160 million euros each year, lower the number of hotel brands and restructure its Hapag Lloyd cruise business, he said in a statement today.
TU
