HANOVER (dpa-AFX) - TUI AG (TUIFF.PK), a German leisure, travel, and tourism company, said on Friday that its Chief Executive Officer Fritz Joussen will step down with effect from September 30 as he is exercising a right of resignation granted in connection with the Covid-19 stabilization measures.
Subsequently, the Presiding Committee of the Supervisory Board will propose to the Supervisory Board to appoint TUI's current Chief Financial Officer Sebastian Ebel as new CEO, effective from October 1 for a tenure of three years.
In addition, the company also said it will appoint Mathias Kiep, currently the head of Group Director Controlling, Corporate Finance and Investor Relations, as the new CFO.
The Presiding Committee will propose the CFO appointment with an appointment period of three years.
Commenting on his decision to step down as CEO, Joussen said: '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. We have a high level of liquidity, are no longer using state credit lines and the operating business is back: as announced, we expect a strong summer of travel almost at the level of 2019.'
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