Growing numbers of travel businesses are making leadership changes to ready themselves for the next chapter. In TUI's case, the CEO believes change at the top is needed after mastering the "existential crisis."
TUI said on Friday Friedrich Joussen was stepping down as CEO at the end of September after helming the world’s largest holiday group for nearly a decade.
The company named finance chief Sebastian Ebel as Joussen’s successor and said it would propose naming the incoming CEO as chairman of the board.
“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,” Joussen said.
“Now that the existential crisis has been mastered, the time is right for a change at the top of TUI.”
Mathias Kiep will take over the role of chief financial officer from Ebel in October, TUI said.
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 higher hotel grades or extra services on their long-awaited vacations.
Germany had given TUI aid of $4.52 billion.
“Ebel inherits a company which has weathered the worst of the pandemic with bookings recovering, but still has some tough decisions ahead to counter the travel delays in Europe at the moment and also fully fix the balance sheet long-term,” Bernstein analysts wrote in a note.
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Anil D’Silva)
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Photo credit: Friedrich Joussen is stepping down as CEO at the end of September. World Travel and Tourism Council